Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 29, 2017 | May 26, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CALERES INC | |
Entity Central Index Key | 14,707 | |
Current Fiscal Year End Date | --02-03 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 29, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 42,990,364 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Current assets: | |||
Cash and cash equivalents | $ 71,816 | $ 55,332 | $ 149,534 |
Receivables, net | 107,021 | 153,121 | 116,961 |
Inventories, net | 565,051 | 585,764 | 487,876 |
Prepaid expenses and other current assets | 38,318 | 49,528 | 39,809 |
Total current assets | 782,206 | 843,745 | 794,180 |
Other assets | 67,289 | 68,574 | 116,347 |
Goodwill | 127,081 | 127,098 | 13,954 |
Intangible assets, net | 215,127 | 216,660 | 116,025 |
Property and equipment | 533,421 | 531,104 | 484,280 |
Allowance for depreciation | (315,567) | (311,908) | (298,694) |
Property and equipment, net | 217,854 | 219,196 | 185,586 |
Total assets | 1,409,557 | 1,475,273 | 1,226,092 |
Current liabilities: | |||
Borrowings under revolving credit agreement | 85,000 | 110,000 | 0 |
Trade accounts payable | 225,032 | 266,370 | 189,154 |
Other accrued expenses | 146,315 | 151,225 | 125,405 |
Total current liabilities | 456,347 | 527,595 | 314,559 |
Other liabilities: | |||
Long-term debt | 197,118 | 197,003 | 196,659 |
Deferred rent | 50,881 | 51,124 | 46,728 |
Other liabilities | 83,478 | 85,065 | 60,169 |
Total other liabilities | 331,477 | 333,192 | 303,556 |
Equity: | |||
Common stock | 430 | 430 | 434 |
Additional paid-in capital | 121,826 | 121,537 | 127,755 |
Accumulated other comprehensive loss | (29,778) | (30,434) | (4,054) |
Retained earnings | 527,909 | 521,584 | 482,744 |
Total Caleres, Inc. shareholders’ equity | 620,387 | 613,117 | 606,879 |
Noncontrolling interests | 1,346 | 1,369 | 1,098 |
Total equity | 621,733 | 614,486 | 607,977 |
Total liabilities and equity | $ 1,409,557 | $ 1,475,273 | $ 1,226,092 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 631,509 | $ 584,733 |
Cost of goods sold | 360,601 | 336,940 |
Gross profit | 270,908 | 247,793 |
Selling and administrative expenses | 244,075 | 219,050 |
Restructuring and other special charges, net | 1,108 | 0 |
Operating earnings | 25,725 | 28,743 |
Interest expense | (5,044) | (3,610) |
Interest income | 235 | 247 |
Earnings before income taxes | 20,916 | 25,380 |
Income tax provision | (6,032) | (7,502) |
Net earnings | 14,884 | 17,878 |
Net (loss) earnings attributable to noncontrolling interests | (18) | 96 |
Net earnings attributable to Caleres, Inc. | $ 14,902 | $ 17,782 |
Basic earnings per common share: | ||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.35 | $ 0.41 |
Diluted earnings per common share: | ||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | 0.35 | 0.41 |
Dividends per common share | $ 0.07 | $ 0.07 |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 14,884 | $ 17,878 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation adjustment | (540) | 2,310 |
Pension and other postretirement benefits adjustments | 418 | (288) |
Derivative financial instruments | 778 | (212) |
Other comprehensive income, net of tax | 656 | 1,810 |
Comprehensive income | 15,540 | 19,688 |
Comprehensive (loss) income attributable to noncontrolling interests | (23) | 110 |
Comprehensive income attributable to Caleres, Inc. | $ 15,563 | $ 19,578 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net cash provided by operating activities | ||
Net earnings | $ 14,884 | $ 17,878 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 11,156 | 9,019 |
Amortization of capitalized software | 3,560 | 3,161 |
Amortization of intangible assets | 1,033 | 920 |
Amortization of debt issuance costs and debt discount | 432 | 432 |
Share-based compensation expense | 2,711 | 1,987 |
Excess tax benefit related to share-based plans | 0 | (3,163) |
Loss on disposal of property and equipment | 130 | 79 |
Impairment charges for property and equipment | 949 | 465 |
Deferred rent | (243) | 222 |
Provision for doubtful accounts | 91 | 182 |
Changes in operating assets and liabilities: | ||
Receivables | 46,002 | 36,522 |
Inventories | 20,515 | 60,532 |
Prepaid expenses and other current and noncurrent assets | 11,014 | 16,438 |
Trade accounts payable | (41,142) | (48,648) |
Accrued expenses and other liabilities | (5,836) | (31,631) |
Other, net | 128 | 765 |
Net cash provided by operating activities | 65,384 | 65,160 |
Investing Activities | ||
Purchases of property and equipment | (10,978) | (16,367) |
Capitalized software | (1,390) | (1,820) |
Net cash used for investing activities | (12,368) | (18,187) |
Financing Activities | ||
Borrowings under revolving credit agreement | 195,000 | 103,000 |
Repayments under revolving credit agreement | (220,000) | (103,000) |
Dividends paid | (3,025) | (3,068) |
Acquisition of treasury stock | (5,993) | (12,130) |
Issuance of common stock under share-based plans, net | (2,422) | (4,149) |
Excess tax benefit related to share-based plans | 0 | 3,163 |
Net cash used for financing activities | (36,440) | (16,184) |
Effect of exchange rate changes on cash and cash equivalents | (92) | 594 |
Increase in cash and cash equivalents | 16,484 | 31,383 |
Cash and cash equivalents at beginning of period | 55,332 | 118,151 |
Cash and cash equivalents at end of period | $ 71,816 | $ 149,534 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 29, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the United States Securities and Exchange Commission (“SEC”) and reflect all adjustments and accruals of a normal recurring nature, which management believes are necessary to present fairly the financial position, results of operations, comprehensive income and cash flows of Caleres, Inc. (the "Company"). These statements, however, do not include all information and footnotes necessary for a complete presentation of the Company's consolidated financial position, results of operations, comprehensive income and cash flows in conformity with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries, after the elimination of intercompany accounts and transactions. The Company’s business is seasonal in nature due to consumer spending patterns, with higher back-to-school and Christmas holiday season sales. Traditionally, the third fiscal quarter accounts for a substantial portion of the Company’s earnings for the year. Interim results may not necessarily be indicative of results which may be expected for any other interim period or for the year as a whole. Certain prior period amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not affect net earnings attributable to Caleres, Inc. For further information, refer to the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended January 28, 2017 . |
Impact of New Accounting Pronou
Impact of New Accounting Pronouncements | 3 Months Ended |
Apr. 29, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of New Accounting Pronouncements | Note 2 Impact of New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), and subsequently issued ASU 2015-14 to defer the effective date. Several ASUs to clarify the implementation guidance in ASU 2014-09 have also been issued . Topic 606 provides a five-step analysis of transactions to determine when and how revenue is recognized, based upon the core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted beginning after December 15, 2016. Although the ASUs will impact revenue recognition for both of the Company's reportable segments, the Company anticipates a more significant impact on its Famous Footwear segment, primarily due to the ASUs' required treatment for loyalty programs (such as Rewards, the Company's loyalty program). The Company has established an implementation team to develop and execute the plan to adopt the ASUs. The Company will continue to refine and execute the implementation plan throughout 2017, including the determination of the adoption method, prior to adopting the ASUs in the first quarter of 2018. The implementation plan includes changes to the Company's accounting policies and practices, systems and controls to support the new revenue recognition and disclosure requirements. Although the implementation may result in a significant initial adjustment to certain liabilities, including deferred revenue, the adoption of the standard is not anticipated to significantly impact the Company's condensed consolidated statements of earnings on an ongoing basis. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330), which requires entities to measure inventory at "the lower of cost and net realizable value", simplifying the current guidance under which entities must measure inventory at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using the last-in, first-out (LIFO) method. The Company adopted the ASU during the first quarter of 2017, which did not have a material impact on the condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 using a modified retrospective approach, with early adoption permitted. The Company has formed an implementation team and is in the process of evaluating its leases and upgrading its accounting systems to comply with the ASU. Due to the large number of retail operating leases to which the Company is a party, the Company anticipates that the impact to its condensed consolidated financial statements upon adoption in the first quarter of 2019 will be material. However, the adoption of the ASU is not expected to trigger non-compliance with any covenant or other restrictions under the provisions of any of the Company’s debt obligations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , which simplifies accounting for certain aspects of share-based payments to employees, including income taxes, forfeitures and statutory income tax withholding requirements, as well as classification in the statement of cash flows. The Company adopted the ASU during the first quarter of 2017, which had the following impact to the condensed consolidated financial statements: • The Company recognized excess tax benefits of $1.1 million related to share-based plans during the thirteen weeks ended April 29, 2017 , which are required to be recognized in the statements of earnings on a prospective basis. Prior to the adoption of the ASU, the excess tax benefit related to share-based plans was recorded in additional paid-in-capital. • The Company elected to adopt the provision of the ASU to account for forfeitures as they occur. This election was applied on a modified retrospective basis, resulting in a net increase to Caleres, Inc. shareholders' equity of $0.4 million . • The ASU requires cash flows from excess tax benefits related to share-based payments to be reported as operating activities in the condensed consolidated statements of cash flows. The Company elected to adopt this provision on a prospective basis and as a result, the excess tax benefit related to share-based plans for the thirteen weeks ended April 30, 2016 is presented as a financing activity, while the benefit for the thirteen weeks ended April 29, 2017 is presented as an operating activity. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted beginning after December 15, 2018. The ASU's provisions will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which it is adopted. As credit losses from our trade receivables have not historically been significant, the Company anticipates that the adoption of the ASU will not have a material impact on the Company's condensed consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which requires the recognition of the income tax effects of intercompany sales and intra-entity transfers of assets, other than inventory, when the transfer occurs. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted only during the first quarter of 2017. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements upon adoption during the first quarter of 2018. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU amends ASC 715, Compensation — Retirement Benefits , to require employers that present a measure of operating income in their statements of earnings to include only the service cost component of net periodic pension cost and net periodic postretirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating expenses. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption only permitted for the Company in the first quarter of 2017, provided all provisions of the ASU are adopted. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements upon adoption during the first quarter of 2018. |
Acquisition
Acquisition | 3 Months Ended |
Apr. 29, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 3 Acquisition On December 13, 2016 , the Company entered into a Stock Purchase Agreement (the "Purchase Agreement") with Apollo Investors, LLC (the "Seller") and Apollo Buyer Holding Company, Inc. (the "Holding Company"), pursuant to which the Company acquired all outstanding capital stock of Allen Edmonds ("Allen Edmonds"). The aggregate purchase price for the Allen Edmonds stock was $259.9 million , net of cash received of $0.7 million . The purchase was funded with cash and funds available under the Company's revolving credit agreement. The operating results of Allen Edmonds have been included in the Company’s condensed consolidated financial statements within the Brand Portfolio segment since December 13, 2016. The assets and liabilities of Allen Edmonds were recorded at their estimated fair values and the excess of the purchase price over the fair value of the assets acquired and liabilities assumed, including identified intangible assets, was recorded as goodwill during the fourth quarter of 2016. The allocation of the purchase price is based on certain preliminary valuations and analyses. As of the date of this filing, the purchase price allocation is considered substantially complete. Any subsequent changes in the estimated fair values assumed upon the finalization of more detailed analyses within the measurement period will change the allocation of the purchase price and will be adjusted during the period in which the amounts are determined. The Company’s purchase price allocation contains uncertainties because it required management to make assumptions and to apply judgment to estimate the fair value of the acquired assets and liabilities. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments the Company used in estimating the fair values assigned to each class of the acquired assets and assumed liabilities could materially affect the results of its operations. Management estimated the fair value of the assets and liabilities based upon quoted market prices, the carrying value of the acquired assets and widely accepted valuation techniques, including discounted cash flows. Unanticipated events or circumstances may occur, which could affect the accuracy of the Company’s fair value estimates, including assumptions regarding industry economic factors and business strategies. During the thirteen weeks ended April 29, 2017 , the Company recognized $3.0 million in cost of goods sold ( $1.9 million on an after-tax basis, or $0.04 per diluted share) related to the amortization of the inventory fair value adjustment required for purchase accounting. As further discussed in Note 5 to the condensed consolidated financial statements, the Company also incurred integration costs during the thirteen weeks ended April 29, 2017 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4 Earnings Per Share The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended April 29, 2017 and April 30, 2016 : Thirteen Weeks Ended ($ thousands, except per share amounts) April 29, 2017 April 30, 2016 NUMERATOR Net earnings $ 14,884 $ 17,878 Net loss (earnings) attributable to noncontrolling interests 18 (96 ) Net earnings allocated to participating securities (408 ) (486 ) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 14,494 $ 17,296 DENOMINATOR Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders 41,832 42,433 Dilutive effect of share-based awards 169 163 Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders 42,001 42,596 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.35 $ 0.41 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.35 $ 0.41 Options to purchase 16,667 and 66,165 shares of common stock for the thirteen weeks ended April 29, 2017 and April 30, 2016 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be anti-dilutive. During the thirteen weeks ended April 29, 2017 and April 30, 2016 , the Company repurchased 225,000 shares and 450,000 shares, respectively, under the publicly announced share repurchase program, which permits repurchases of up to 2.5 million shares. As of April 29, 2017 , the Company has repurchased a total of 1.3 million shares under this program. |
Restructuring and Other Initiat
Restructuring and Other Initiatives | 3 Months Ended |
Apr. 29, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Note 5 Restructuring and Other Initiatives During the thirteen weeks ended April 29, 2017 , the Company incurred integration and reorganization costs totaling $1.1 million ( $0.7 million on an after-tax basis, or $0.01 per diluted share) related to the men's business. Of the $1.1 million in costs presented as restructuring and other special charges, net in the condensed consolidated statements of earnings, $0.8 million is reflected within the Brand Portfolio segment and $0.3 million is reflected within the Other category. There were no restructuring and other special charges incurred during the thirteen weeks ended April 30, 2016 . |
Business Segment Information
Business Segment Information | 3 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 6 Business Segment Information Following is a summary of certain key financial measures for the Company’s business segments for the thirteen weeks ended April 29, 2017 and April 30, 2016 . Famous Footwear Brand Portfolio ($ thousands) Other Total Thirteen Weeks Ended April 29, 2017 External sales $ 366,494 $ 265,015 $ — $ 631,509 Intersegment sales — 14,700 — 14,700 Operating earnings (loss) 20,279 13,314 (7,868 ) 25,725 Segment assets 540,417 743,256 125,884 1,409,557 Thirteen Weeks Ended April 30, 2016 External sales $ 364,596 $ 220,137 $ — $ 584,733 Intersegment sales — 15,563 — 15,563 Operating earnings (loss) 25,753 9,623 (6,633 ) 28,743 Segment assets 540,914 428,077 257,101 1,226,092 The Other category includes corporate assets, administrative expenses and other costs and recoveries, which are not allocated to the operating segments. Following is a reconciliation of operating earnings to earnings before income taxes: Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 Operating earnings $ 25,725 $ 28,743 Interest expense (5,044 ) (3,610 ) Interest income 235 247 Earnings before income taxes $ 20,916 $ 25,380 |
Inventories
Inventories | 3 Months Ended |
Apr. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7 Inventories The Company's net inventory balance was comprised of the following: ($ thousands) April 29, 2017 April 30, 2016 January 28, 2017 Raw materials $ 15,114 $ 771 $ 15,378 Work-in-process 863 — 1,093 Finished goods 549,074 487,105 569,293 Inventories, net $ 565,051 $ 487,876 $ 585,764 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Apr. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 8 Goodwill and Intangible Assets Goodwill and intangible assets were as follows: ($ thousands) April 29, 2017 April 30, 2016 January 28, 2017 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 285,988 183,068 286,488 Total intangible assets 288,788 185,868 289,288 Accumulated amortization (73,661 ) (69,843 ) (72,628 ) Total intangible assets, net 215,127 116,025 216,660 Goodwill Brand Portfolio 127,081 13,954 127,098 Total goodwill 127,081 13,954 127,098 Goodwill and intangible assets, net $ 342,208 $ 129,979 $ 343,758 As further described in Note 3 to the condensed consolidated financial statements, the Company acquired Allen Edmonds on December 13, 2016. The allocation of the purchase price resulted in incremental intangible assets of $102.9 million , consisting of trademarks and customer relationships of $97.5 million and $5.4 million , respectively, and incremental goodwill of $113.1 million . The Company's intangible assets as of April 29, 2017 , April 30, 2016 and January 28, 2017 were as follows: ($ thousands) April 29, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 73,526 $ 91,762 Trademarks Indefinite 118,100 (1 ) — 118,100 Customer relationships 15 years 5,400 (1 ) 135 5,265 $ 288,788 $ 73,661 $ 215,127 April 30, 2016 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,068 $ 69,843 $ 95,225 Trademarks Indefinite 20,800 — 20,800 $ 185,868 $ 69,843 $ 116,025 January 28, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 72,604 $ 92,684 Trademarks Indefinite 117,900 (1 ) — 117,900 Customer relationships 15 years 6,100 (1 ) 24 6,076 $ 289,288 $ 72,628 $ 216,660 (1) The Allen Edmonds trademark and customer relationships intangible assets were acquired in the Allen Edmonds acquisition, as further discussed in Note 3 to the condensed consolidated financial statements. Immaterial adjustments attributable to the purchase price allocation were recorded during the thirteen weeks ended April 29, 2017, resulting in an adjustment to the original cost. Amortization expense related to intangible assets was $1.0 million and $0.9 million for the thirteen weeks ended April 29, 2017 and April 30, 2016 , respectively. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Apr. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 9 Shareholders’ Equity The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the thirteen weeks ended April 29, 2017 and April 30, 2016 : ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 28, 2017 $ 613,117 $ 1,369 $ 614,486 Net earnings (loss) 14,902 (18 ) 14,884 Other comprehensive income (loss) 656 (5 ) 651 Dividends paid (3,025 ) — (3,025 ) Acquisition of treasury stock (5,993 ) — (5,993 ) Issuance of common stock under share-based plans, net (2,422 ) — (2,422 ) Cumulative-effect adjustment from adoption of ASU 2016-09 441 — 441 Share-based compensation expense 2,711 — 2,711 Equity at April 29, 2017 $ 620,387 $ 1,346 $ 621,733 ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 30, 2016 $ 601,484 $ 988 $ 602,472 Net earnings 17,782 96 17,878 Other comprehensive income 1,810 14 1,824 Dividends paid (3,068 ) — (3,068 ) Acquisition of treasury stock (12,130 ) — (12,130 ) Issuance of common stock under share-based plans, net (4,149 ) — (4,149 ) Excess tax benefit related to share-based plans 3,163 — 3,163 Share-based compensation expense 1,987 — 1,987 Equity at April 30, 2016 $ 606,879 $ 1,098 $ 607,977 Accumulated Other Comprehensive Loss The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the thirteen weeks ended April 29, 2017 and April 30, 2016 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance January 28, 2017 $ 192 $ (30,084 ) $ (542 ) $ (30,434 ) Other comprehensive (loss) income before reclassifications (540 ) — 753 213 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 679 47 726 Tax benefit — (261 ) (22 ) (283 ) Net reclassifications — 418 25 443 Other comprehensive (loss) income (540 ) 418 778 656 Balance April 29, 2017 $ (348 ) $ (29,666 ) $ 236 $ (29,778 ) Balance January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) Other comprehensive income (loss) before reclassifications 2,310 — (288 ) 2,022 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — (477 ) 123 (354 ) Tax provision (benefit) — 189 (47 ) 142 Net reclassifications — (288 ) 76 (212 ) Other comprehensive income (loss) 2,310 (288 ) (212 ) 1,810 Balance April 30, 2016 $ 1,410 $ (5,644 ) $ 180 $ (4,054 ) (1) Amounts reclassified are included in selling and administrative expenses. See Note 11 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits. (2) Amounts reclassified are included in net sales, costs of goods sold, selling and administrative expenses and interest expense. See Notes 12 and 13 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 10 Share-Based Compensation The Company recognized share-based compensation expense of $2.7 million and $2.0 million during the thirteen weeks ended April 29, 2017 and April 30, 2016 , respectively. In addition to share-based compensation expense, the Company recognized cash-based expense related to performance share units and cash awards granted under the performance share plans of $0.1 million and $0.8 million during the thirteen weeks ended April 29, 2017 and April 30, 2016 , respectively. The Company issued 254,358 and 186,772 shares of common stock during the thirteen weeks ended April 29, 2017 and April 30, 2016 , respectively, for restricted stock grants, stock performance awards issued to employees, stock options exercised and common and restricted stock grants issued to directors, net of forfeitures and shares withheld to satisfy the minimum tax withholding requirement. Restricted Stock The following table summarizes restricted stock activity for the thirteen weeks ended April 29, 2017 and April 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended April 29, 2017 April 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares January 28, 2017 1,128,049 $ 25.85 January 30, 2016 1,262,449 $ 19.55 Granted 351,820 26.90 Granted 336,800 26.64 Forfeited (12,500 ) 26.63 Forfeited (29,250 ) 20.53 Vested (250,035 ) 17.00 Vested (419,250 ) 9.18 April 29, 2017 1,217,334 $ 27.96 April 30, 2016 1,150,749 $ 25.38 All of the restricted shares granted during the thirteen weeks ended April 29, 2017 and April 30, 2016 have a cliff-vesting term of four years . Share-based compensation expense is recognized on a straight-line basis over the respective vesting periods. Performance Share Awards During the thirteen weeks ended April 29, 2017 and April 30, 2016 , the Company granted performance share awards for a targeted 169,500 and 159,000 shares, respectively with a weighted-average grant date fair value of $26.90 and $26.64 , respectively. Vesting of performance-based awards is dependent upon the financial performance of the Company and the attainment of certain financial goals during the three -year period following the grant. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of the specified financial goals for the service period. Compensation expense is recognized based on the fair value of the award and the anticipated number of shares or units to be awarded for each tranche in accordance with the vesting schedule of the units over the three -year service period. The performance share units are settled in cash and their fair value is based on the unadjusted quoted market price for the Company’s common stock on each measurement date. During the thirteen weeks ended April 29, 2017, the Company's remaining performance share awards granted in units vested and were settled in cash at fair value. Stock Options The following table summarizes stock option activity for the thirteen weeks ended April 29, 2017 and April 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended April 29, 2017 April 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options January 28, 2017 150,540 $ 9.36 January 30, 2016 301,295 $ 8.95 Granted — — Granted — — Exercised (6,000 ) 5.57 Exercised (50,066 ) 7.17 Forfeited — — Forfeited (7,499 ) 15.94 Expired (47,248 ) 15.94 Expired (14,625 ) 10.75 April 29, 2017 97,292 $ 6.39 April 30, 2016 229,105 $ 8.99 Restricted Stock Units for Non-Employee Directors Equity-based grants may be made to non-employee directors in the form of cash-equivalent restricted stock units ("RSUs"). The RSUs earn dividend equivalents at the same rate as dividends on the Company's common stock and are automatically re-invested in additional RSUs. The Company granted 882 and 853 RSUs for dividend equivalents to non-employee directors during the thirteen weeks ended April 29, 2017 and April 30, 2016 , respectively, with weighted-average grant date fair values of $26.29 and $28.09 , respectively. All RSUs for dividend equivalents vested immediately and compensation expense was fully recognized during the thirteen weeks ended April 29, 2017 and April 30, 2016 . |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 3 Months Ended |
Apr. 29, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Other Benefit Plans | Note 11 Retirement and Other Benefit Plans The following table sets forth the components of net periodic benefit cost (income) for the Company, including domestic and Canadian plans: Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Service cost $ 2,467 $ 2,263 $ — $ — Interest cost 3,747 3,861 18 15 Expected return on assets (6,880 ) (7,223 ) — — Amortization of: Actuarial loss (gain) 1,152 38 (38 ) (55 ) Prior service income (435 ) (460 ) — — Total net periodic benefit cost (income) $ 51 $ (1,521 ) $ (20 ) $ (40 ) |
Risk Management and Derivatives
Risk Management and Derivatives | 3 Months Ended |
Apr. 29, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Risk Management And Derivatives | Note 12 Risk Management and Derivatives In the normal course of business, the Company’s financial results are impacted by currency rate movements in foreign currency denominated assets, liabilities and cash flows as it makes a portion of its purchases and sales in local currencies. The Company has established policies and business practices that are intended to mitigate a portion of the effect of these exposures. The Company uses derivative financial instruments, primarily forward contracts, to manage its currency exposures. These derivative financial instruments are viewed as risk management tools and are not used for trading or speculative purposes. Derivatives entered into by the Company are designated as cash flow hedges of forecasted foreign currency transactions. Derivative financial instruments expose the Company to credit and market risk. The market risk associated with these instruments resulting from currency exchange movements is expected to offset the market risk of the underlying transactions being hedged. The Company does not believe there is a significant risk of loss in the event of non-performance by the counterparties associated with these instruments because these transactions are executed with major international financial institutions and have varying maturities through May 2018 . Credit risk is managed through the continuous monitoring of exposures to such counterparties. The Company’s hedging strategy uses forward contracts as cash flow hedging instruments, which are recorded in the Company's condensed consolidated balance sheets at fair value. The effective portion of gains and losses resulting from changes in the fair value of these hedge instruments are deferred in accumulated other comprehensive loss and reclassified to earnings in the period that the hedged transaction is recognized in earnings. Hedge ineffectiveness is evaluated using the hypothetical derivative method. The amount of hedge ineffectiveness for the thirteen weeks ended April 29, 2017 and April 30, 2016 was not material. As of April 29, 2017 , April 30, 2016 and January 28, 2017 , the Company had forward contracts maturing at various dates through May 2018 , April 2017 and February 2018 , respectively. The contract amounts in the following table represent the net notional amount of all purchase and sale contracts of a foreign currency. (U.S. $ equivalent in thousands) April 29, 2017 April 30, 2016 January 28, 2017 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 20,813 $ 15,767 $ 18,826 Euro 16,446 15,182 13,297 Chinese yuan 4,476 14,066 7,723 Japanese yen 416 1,152 769 United Arab Emirates dirham 528 900 823 New Taiwanese dollars 545 514 526 Other currencies 66 170 124 Total financial instruments $ 43,290 $ 47,751 $ 42,088 The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of April 29, 2017 , April 30, 2016 and January 28, 2017 are as follows: Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forward contracts: April 29, 2017 Prepaid expenses and other current assets $ 610 Other accrued expenses $ 187 April 30, 2016 Prepaid expenses and other current assets 615 Other accrued expenses 962 January 28, 2017 Prepaid expenses and other current assets 234 Other accrued expenses 874 For the thirteen weeks ended April 29, 2017 and April 30, 2016 , the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized (Loss) Gain Recognized in OCL on Derivatives Gain (Loss) Reclassified from Accumulated OCL into Earnings (Loss) Gain Recognized in OCL on Derivatives (Loss) Gain Reclassified from Accumulated OCL into Earnings Net sales $ (32 ) $ 18 $ (164 ) $ (36 ) Cost of goods sold 793 3 (113 ) 83 Selling and administrative expenses 310 (67 ) 51 (170 ) Interest expense 4 (1 ) (38 ) — All gains and losses currently included within accumulated other comprehensive loss associated with the Company’s foreign exchange forward contracts are expected to be reclassified into net earnings within the next 12 months. Additional information related to the Company’s derivative financial instruments are disclosed within Note 13 to the condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13 Fair Value Measurements Fair Value Hierarchy Fair value measurement disclosure requirements specify a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (“observable inputs”) or reflect the Company’s own assumptions of market participant valuation (“unobservable inputs”). In accordance with the fair value guidance, the inputs to valuation techniques used to measure fair value are categorized into three levels based on the reliability of the inputs as follows: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In determining fair value, the Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Classification of the financial or non-financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Measurement of Fair Value The Company measures fair value as an exit price, the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date, using the procedures described below for all financial and non-financial assets and liabilities measured at fair value. Money Market Funds The Company has cash equivalents consisting of short-term money market funds backed by U.S. Treasury securities. The primary objective of these investing activities is to preserve the Company’s capital for the purpose of funding operations and it does not enter into money market funds for trading or speculative purposes. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Deferred Compensation Plan Assets and Liabilities The Company maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for the benefit of certain management employees. The investment funds offered to the participants generally correspond to the funds offered in the Company’s 401(k) plan, and the account balance fluctuates with the investment returns on those funds. The Deferred Compensation Plan permits the deferral of up to 50% of base salary and 100% of compensation received under the Company’s annual incentive plan. The deferrals are held in a separate trust, which has been established by the Company to administer the Deferred Compensation Plan. The assets of the trust are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”). The liabilities of the Deferred Compensation Plan are presented in other accrued expenses and the assets held by the trust are classified as trading securities within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. Changes in deferred compensation plan assets and liabilities are charged to selling and administrative expenses. The fair value is based on unadjusted quoted market prices for the funds in active markets with sufficient volume and frequency (Level 1). Deferred Compensation Plan for Non-Employee Directors Non-employee directors are eligible to participate in a deferred compensation plan with deferred amounts valued as if invested in the Company’s common stock through the use of phantom stock units (“PSUs”). Under the plan, each participating director’s account is credited with the number of PSUs equal to the number of shares of the Company’s common stock that the participant could purchase or receive with the amount of the deferred compensation, based upon the average of the high and low prices of the Company’s common stock on the last trading day of the fiscal quarter when the cash compensation was earned. Dividend equivalents are paid on PSUs at the same rate as dividends on the Company’s common stock and are re-invested in additional PSUs at the next fiscal quarter-end. The liabilities of the plan are based on the fair value of the outstanding PSUs and are presented in other accrued expenses (current portion) or other liabilities in the accompanying condensed consolidated balance sheets. Gains and losses resulting from changes in the fair value of the PSUs are presented in selling and administrative expenses in the Company’s condensed consolidated statements of earnings. The fair value of each PSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Restricted Stock Units for Non-Employee Directors Under the Company’s incentive compensation plans, cash-equivalent restricted stock units (“RSUs”) of the Company may be granted at no cost to non-employee directors. The RSUs are subject to a vesting requirement (usually one year), earn dividend-equivalent units, and are settled in cash on the date the director terminates service or such earlier date as a director may elect, subject to restrictions, based on the then current fair value of the Company’s common stock. The fair value of each RSU is based on an unadjusted quoted market price for the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). Additional information related to RSUs for non-employee directors is disclosed in Note 10 to the condensed consolidated financial statements. Performance Share Units Under the Company’s incentive compensation plans, common stock or cash may be awarded at the end of the performance period at no cost to certain officers and key employees if certain financial goals are met. Under the plan, employees are granted performance share awards at a target number of shares or units, which generally vest over a three -year service period. At the end of the vesting period, the employee will have earned an amount of shares or units between 0% and 200% of the targeted award, depending on the achievement of specified financial goals for the service period. The fair value of each performance share unit is based on an unadjusted quoted market price of the Company’s common stock in an active market with sufficient volume and frequency on each measurement date (Level 1). During the thirteen weeks ended April 29, 2017, the Company's remaining performance share awards granted in units vested and were settled in cash at fair value. Additional information related to performance share units is disclosed in Note 10 to the condensed consolidated financial statements. Derivative Financial Instruments The Company uses derivative financial instruments, primarily foreign exchange contracts, to reduce its exposure to market risks from changes in foreign exchange rates. These foreign exchange contracts are measured at fair value using quoted forward foreign exchange prices from counterparties corroborated by market-based pricing (Level 2). Additional information related to the Company’s derivative financial instruments is disclosed in Note 12 to the condensed consolidated financial statements. Secured Convertible Note The Company received a secured convertible note as partial consideration for the 2014 disposition of Shoes.com, and the convertible note was measured at fair value using unobservable inputs (Level 3). During the fourth quarter of 2016, the convertible note was fully impaired. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at April 29, 2017 , April 30, 2016 and January 28, 2017 . The Company did not have any transfers between Level 1, Level 2 or Level 3 during the thirteen weeks ended April 29, 2017 or April 30, 2016 . Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) April 29, 2017: Cash equivalents – money market funds $ 43,531 $ 43,531 $ — $ — Non-qualified deferred compensation plan assets 5,402 5,402 — — Non-qualified deferred compensation plan liabilities (5,402 ) (5,402 ) — — Deferred compensation plan liabilities for non-employee directors (2,189 ) (2,189 ) — — Restricted stock units for non-employee directors (9,276 ) (9,276 ) — — Derivative financial instruments, net 423 — 423 — April 30, 2016: Cash equivalents – money market funds $ 129,576 $ 129,576 $ — $ — Non-qualified deferred compensation plan assets 4,557 4,557 — — Non-qualified deferred compensation plan liabilities (4,557 ) (4,557 ) — — Deferred compensation plan liabilities for non-employee directors (1,657 ) (1,657 ) — — Restricted stock units for non-employee directors (8,576 ) (8,576 ) — — Performance share units (1,838 ) (1,838 ) — — Derivative financial instruments, net (347 ) — (347 ) — Secured convertible note 7,153 — — 7,153 January 28, 2017: Cash equivalents – money market funds $ 27,530 $ 27,530 $ — $ — Non-qualified deferred compensation plan assets 5,051 5,051 — — Non-qualified deferred compensation plan liabilities (5,051 ) (5,051 ) — — Deferred compensation plan liabilities for non-employee directors (1,909 ) (1,909 ) — — Restricted stock units for non-employee directors (9,390 ) (9,390 ) — — Performance share units (3,352 ) (3,352 ) — — Derivative financial instruments, net (640 ) — (640 ) — Impairment Charges The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers important that could trigger an impairment review include underperformance relative to expected historical or projected future operating results, a significant change in the manner of the use of the asset, or a negative industry or economic trend. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the aforementioned factors, impairment is measured based on a projected discounted cash flow method. Certain factors, such as estimated store sales and expenses, used for this nonrecurring fair value measurement are considered Level 3 inputs as defined by FASB ASC 820, Fair Value Measurement . Long-lived assets held and used with a carrying amount of $95.4 million and $95.6 million at April 29, 2017 and April 30, 2016 , respectively, were assessed for indicators of impairment and written down to their fair value. This assessment resulted in the following impairment charges, primarily for leasehold improvements and furniture and fixtures in the Company's retail stores, which were included in selling and administrative expenses for the respective periods. Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 Impairment Charges Famous Footwear $ 150 $ 250 Brand Portfolio 799 215 Total impairment charges $ 949 $ 465 Fair Value of the Company’s Other Financial Instruments The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. The carrying amounts and fair values of the Company's other financial instruments subject to fair value disclosures are as follows: April 29, 2017 April 30, 2016 January 28, 2017 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value Value Value Value Value Value Borrowings under revolving credit agreement $ 85,000 $ 85,000 $ — $ — $ 110,000 $ 110,000 Long-term debt 197,118 209,500 196,659 205,000 197,003 209,000 Total debt $ 282,118 $ 294,500 $ 196,659 $ 205,000 $ 307,003 $ 319,000 The fair value of the borrowings under revolving credit agreement approximate its carrying value due to the short-term nature (Level 1), and the fair value of the Company’s long-term debt was based upon quoted prices in an inactive market as of the end of the respective periods (Level 2). |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 Income Taxes The Company’s effective tax rate can vary considerably from period to period, depending on a number of factors. The Company’s consolidated effective tax rates were 28.8% and 29.6% for the thirteen weeks ended April 29, 2017 and April 30, 2016 , respectively. During the thirteen weeks ended April 29, 2017 , the Company's effective tax rate was impacted by the adoption of ASU 2016-09, as further discussed in Note 2 to the condensed consolidated financial statements. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies in the statements of earnings, resulting in the recognition of a discrete benefit of $1.1 million in excess tax benefits for the thirteen weeks ended April 29, 2017 . During the thirteen weeks ended April 30, 2016 , the Company recognized discrete tax benefits of $0.7 million reflecting the settlement of a federal tax audit issue. If the discrete tax benefits had not been recognized during the thirteen weeks ended April 29, 2017 and April 30, 2016 , the Company's effective tax rates would have been 34.0% and 32.3% , respectively, reflecting a higher mix of domestic earnings in 2017, which carry a higher tax rate than earnings at the Company's international subsidiaries. The mix of domestic earnings is higher in 2017 due in part to the inclusion of the recently acquired Allen Edmonds business, which consists primarily of domestic operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Apr. 29, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 Related Party Transactions C. banner International Holdings Limited The Company has a joint venture agreement with a subsidiary of C. banner International Holdings Limited (“CBI”) to market Naturalizer footwear in China, effective through August 2017. The Company is a 51% owner of the joint venture (“B&H Footwear”), with CBI owning the other 49% . B&H Footwear sells Naturalizer footwear to a retail affiliate of CBI on a wholesale basis, which in turn sells the Naturalizer products through department store shops and free-standing stores in China. The Company, through its consolidated subsidiary, B&H Footwear, sold Naturalizer footwear on a wholesale basis to CBI totaling $2.2 million for the thirteen weeks ended April 30, 2016 , with no corresponding sales during the thirteen weeks ended April 29, 2017 . During the second quarter of 2016, the Company communicated its intention to dissolve the joint venture with CBI upon the expiration of the license to sell Naturalizer footwear. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 16 Commitments and Contingencies Environmental Remediation Prior operations included numerous manufacturing and other facilities for which the Company may have responsibility under various environmental laws for the remediation of conditions that may be identified in the future. The Company is involved in environmental remediation and ongoing compliance activities at several sites and has been notified that it is or may be a potentially responsible party at several other sites. Redfield The Company is remediating, under the oversight of Colorado authorities, the groundwater and indoor air at its owned facility in Colorado (the “Redfield site” or, when referring to remediation activities at or under the facility, the “on-site remediation”) and residential neighborhoods adjacent to and near the property (the “off-site remediation”) that have been affected by solvents previously used at the facility. The on-site remediation calls for the operation of a pump and treat system (which prevents migration of contaminated groundwater off the property) as the final remedy for the site, subject to monitoring and periodic review of the on-site conditions and other remedial technologies that may be developed in the future. In May 2016, the Company submitted a revised plan to address on-site conditions, including direct treatment of source areas, and received approval from the oversight authorities to begin implementing the revised plan. As the treatment of the on-site source areas progresses, the Company expects to convert the pump and treat system to a passive treatment barrier system. Off-site groundwater concentrations have been reducing over time since installation of the pump and treat system in 2000 and injection of clean water beginning in 2003. However, localized areas of contaminated bedrock just beyond the property line continue to impact off-site groundwater. The modified work plan for addressing this condition includes converting the off-site bioremediation system into a monitoring well network and employing different remediation methods in these recalcitrant areas. In accordance with the work plan, a pilot test was conducted of certain groundwater remediation methods and the results of that test were used to develop more detailed plans for remedial activities in the off-site areas, which were approved by the authorities and are being implemented in a phased manner. The results of groundwater monitoring are being used to evaluate the effectiveness of these activities. In 2014, the Company submitted a proposed expanded remedy work plan that was accepted by the oversight authorities during 2015. The Company continues to implement the expanded remedy work plan. The cumulative expenditures for both on-site and off-site remediation through April 29, 2017 were $29.2 million . The Company has recovered a portion of these expenditures from insurers and other third parties. The reserve for the anticipated future remediation activities at April 29, 2017 is $9.5 million , of which $8.7 million is recorded within other liabilities and $0.8 million is recorded within other accrued expenses. Of the total $ 9.5 million reserve, $4.5 million is for on-site remediation and $5.0 million is for off-site remediation. The liability for the on-site remediation was discounted at 4.8% . On an undiscounted basis, the on-site remediation liability would be $14.6 million as of April 29, 2017 . The Company expects to spend approximately $ 0.6 million in the next fiscal year, $0.1 million in each of the following four years and $13.6 million in the aggregate thereafter related to the on-site remediation. Other Various federal and state authorities have identified the Company as a potentially responsible party for remediation at certain other sites. However, the Company does not currently believe that its liability for such sites, if any, would be material. The Company continues to evaluate its estimated costs in conjunction with its environmental consultants and records its best estimate of such liabilities. However, future actions and the associated costs are subject to oversight and approval of various governmental authorities. Accordingly, the ultimate costs may vary, and it is possible costs may exceed the recorded amounts. Litigation The Company is involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such ordinary course of business proceedings and litigation currently pending is not expected to have a material adverse effect on the Company’s results of operations or financial position. Legal costs associated with litigation are generally expensed as incurred. |
Financial Information for the C
Financial Information for the Company and its Subsidiaries | 3 Months Ended |
Apr. 29, 2017 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Financial Information For The Company And Its Subsidiaries | Note 17 Financial Information for the Company and its Subsidiaries The Company issued senior notes, which are fully and unconditionally and jointly and severally guaranteed by all of its existing and future subsidiaries that are guarantors under our revolving credit facility ("Credit Agreement"). The following tables present the condensed consolidating financial information for each of Caleres, Inc. (“Parent”), the Guarantors, and subsidiaries of the Parent that are not Guarantors (the “Non-Guarantors”), together with consolidating eliminations, as of and for the periods indicated. Guarantors are 100% owned by the Parent. On December 13, 2016 , Allen Edmonds was joined to the Credit Agreement as a guarantor. After giving effect to the joinder, the Company is the lead borrower, and Sidney Rich Associates, Inc., BG Retail, LLC and Allen Edmonds are each co-borrowers and guarantors under the Credit Agreement. The condensed consolidating financial statements have been prepared using the equity method of accounting in accordance with the requirements for presentation of such information. Management believes that the information, presented in lieu of complete financial statements for each of the Guarantors, provides meaningful information to allow investors to determine the nature of the assets held by, and operations and cash flows of, each of the consolidated groups. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET APRIL 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 43,201 $ 15,601 $ 13,014 $ — $ 71,816 Receivables, net 90,121 3,705 13,195 — 107,021 Inventories, net 117,815 422,911 24,325 — 565,051 Prepaid expenses and other current assets 20,499 15,134 7,313 (4,628 ) 38,318 Intercompany receivable – current 1,487 159 18,297 (19,943 ) — Total current assets 273,123 457,510 76,144 (24,571 ) 782,206 Other assets 51,823 14,631 835 — 67,289 Goodwill and intangible assets, net 112,777 218,707 10,724 — 342,208 Property and equipment, net 32,093 173,567 12,194 — 217,854 Investment in subsidiaries 1,370,854 — (22,994 ) (1,347,860 ) — Intercompany receivable – noncurrent 581,957 409,466 591,105 (1,582,528 ) — Total assets $ 2,422,627 $ 1,273,881 $ 668,008 $ (2,954,959 ) $ 1,409,557 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 85,000 $ — $ — $ — $ 85,000 Trade accounts payable 65,364 140,924 18,744 — 225,032 Other accrued expenses 57,359 78,302 15,282 (4,628 ) 146,315 Intercompany payable – current 10,398 — 9,545 (19,943 ) — Total current liabilities 218,121 219,226 43,571 (24,571 ) 456,347 Other liabilities Long-term debt 197,118 — — — 197,118 Other liabilities 90,110 40,223 4,026 — 134,359 Intercompany payable – noncurrent 1,296,891 80,188 205,449 (1,582,528 ) — Total other liabilities 1,584,119 120,411 209,475 (1,582,528 ) 331,477 Equity Caleres, Inc. shareholders’ equity 620,387 934,244 413,616 (1,347,860 ) 620,387 Noncontrolling interests — — 1,346 — 1,346 Total equity 620,387 934,244 414,962 (1,347,860 ) 621,733 Total liabilities and equity $ 2,422,627 $ 1,273,881 $ 668,008 $ (2,954,959 ) $ 1,409,557 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 194,440 $ 427,539 $ 38,045 $ (28,515 ) $ 631,509 Cost of goods sold 132,851 231,786 18,530 (22,566 ) 360,601 Gross profit 61,589 195,753 19,515 (5,949 ) 270,908 Selling and administrative expenses 52,424 182,347 15,253 (5,949 ) 244,075 Restructuring and other special charges, net 1,108 — — — 1,108 Operating earnings 8,057 13,406 4,262 — 25,725 Interest expense (5,035 ) (9 ) — — (5,044 ) Interest income 88 — 147 — 235 Intercompany interest income (expense) 2,083 (2,324 ) 241 — — Earnings before income taxes 5,193 11,073 4,650 — 20,916 Income tax provision (1,087 ) (3,875 ) (1,070 ) — (6,032 ) Equity in earnings (loss) of subsidiaries, net of tax 10,796 — (1,048 ) (9,748 ) — Net earnings 14,902 7,198 2,532 (9,748 ) 14,884 Less: Net loss attributable to noncontrolling interests — — (18 ) — (18 ) Net earnings attributable to Caleres, Inc. $ 14,902 $ 7,198 $ 2,550 $ (9,748 ) $ 14,902 Comprehensive income $ 15,563 $ 7,198 $ 2,453 $ (9,674 ) $ 15,540 Less: Comprehensive loss attributable to noncontrolling interests — — (23 ) — (23 ) Comprehensive income attributable to Caleres, Inc. $ 15,563 $ 7,198 $ 2,476 $ (9,674 ) $ 15,563 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 8,601 $ 55,017 $ 1,766 $ — $ 65,384 Investing activities Purchases of property and equipment (1,915 ) (7,570 ) (1,493 ) — (10,978 ) Proceeds from disposal of property and equipment (17,238 ) 17,238 — — — Capitalized software (1,167 ) (223 ) — — (1,390 ) Intercompany investing (2,494 ) 2,494 — — — Net cash (used for) provided by investing activities (22,814 ) 11,939 (1,493 ) — (12,368 ) Financing activities Borrowings under revolving credit agreement 195,000 — — — 195,000 Repayments under revolving credit agreement (220,000 ) — — — (220,000 ) Dividends paid (3,025 ) — — — (3,025 ) Acquisition of treasury stock (5,993 ) — — — (5,993 ) Issuance of common stock under share-based plans, net (2,422 ) — — — (2,422 ) Intercompany financing 69,855 (60,384 ) (9,471 ) — — Net cash provided by (used for) financing activities 33,415 (60,384 ) (9,471 ) — (36,440 ) Effect of exchange rate changes on cash and cash equivalents — — (92 ) — (92 ) Increase (decrease) in cash and cash equivalents 19,202 6,572 (9,290 ) — 16,484 Cash and cash equivalents at beginning of period 23,999 9,029 22,304 — 55,332 Cash and cash equivalents at end of period $ 43,201 $ 15,601 $ 13,014 $ — $ 71,816 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET APRIL 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 47,611 $ 4,104 $ 97,819 $ — $ 149,534 Receivables, net 99,021 761 17,179 — 116,961 Inventories, net 96,450 370,114 21,312 — 487,876 Prepaid expenses and other current assets 12,950 21,546 5,313 — 39,809 Intercompany receivable – current 571 185 10,084 (10,840 ) — Total current assets 256,603 396,710 151,707 (10,840 ) 794,180 Other assets 95,244 13,253 7,850 — 116,347 Goodwill and intangible assets, net 115,002 2,800 12,177 — 129,979 Property and equipment, net 31,473 144,427 9,686 — 185,586 Investment in subsidiaries 1,040,178 — (20,061 ) (1,020,117 ) — Intercompany receivable – noncurrent 462,382 375,975 561,419 (1,399,776 ) — Total assets $ 2,000,882 $ 933,165 $ 722,778 $ (2,430,733 ) $ 1,226,092 Liabilities and Equity Current liabilities Trade accounts payable $ 42,121 $ 131,783 $ 15,250 $ — $ 189,154 Other accrued expenses 41,347 69,268 14,790 — 125,405 Intercompany payable – current 2,228 — 8,612 (10,840 ) — Total current liabilities 85,696 201,051 38,652 (10,840 ) 314,559 Other liabilities Long-term debt 196,659 — — — 196,659 Other liabilities 36,925 66,321 3,651 — 106,897 Intercompany payable – noncurrent 1,074,723 38,518 286,535 (1,399,776 ) — Total other liabilities 1,308,307 104,839 290,186 (1,399,776 ) 303,556 Equity Caleres, Inc. shareholders’ equity 606,879 627,275 392,842 (1,020,117 ) 606,879 Noncontrolling interests — — 1,098 — 1,098 Total equity 606,879 627,275 393,940 (1,020,117 ) 607,977 Total liabilities and equity $ 2,000,882 $ 933,165 $ 722,778 $ (2,430,733 ) $ 1,226,092 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 187,187 $ 383,046 $ 38,796 $ (24,296 ) $ 584,733 Cost of goods sold 129,909 204,627 22,894 (20,490 ) 336,940 Gross profit 57,278 178,419 15,902 (3,806 ) 247,793 Selling and administrative expenses 49,542 157,103 16,211 (3,806 ) 219,050 Operating earnings (loss) 7,736 21,316 (309 ) — 28,743 Interest expense (3,608 ) (2 ) — — (3,610 ) Interest income 157 — 90 — 247 Intercompany interest income (expense) 2,254 (2,301 ) 47 — — Earnings (loss) before income taxes 6,539 19,013 (172 ) — 25,380 Income tax provision (866 ) (6,304 ) (332 ) — (7,502 ) Equity in earnings (loss) of subsidiaries, net of tax 12,109 — (537 ) (11,572 ) — Net earnings (loss) 17,782 12,709 (1,041 ) (11,572 ) 17,878 Less: Net earnings attributable to noncontrolling interests — — 96 — 96 Net earnings (loss) attributable to Caleres, Inc. $ 17,782 $ 12,709 $ (1,137 ) $ (11,572 ) $ 17,782 Comprehensive income $ 19,578 $ 12,709 $ 228 $ (12,827 ) $ 19,688 Less: Comprehensive income attributable to noncontrolling interests — — 110 — 110 Comprehensive income attributable to Caleres, Inc. $ 19,578 $ 12,709 $ 118 $ (12,827 ) $ 19,578 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 14,658 $ 42,360 $ 8,142 $ — $ 65,160 Investing activities Purchases of property and equipment (590 ) (15,434 ) (343 ) — (16,367 ) Capitalized software (1,097 ) (723 ) — — (1,820 ) Intercompany investing (2,815 ) 2,815 — — — Net cash used for investing activities (4,502 ) (13,342 ) (343 ) — (18,187 ) Financing activities Borrowings under revolving credit agreement 103,000 — — — 103,000 Repayments under revolving credit agreement (103,000 ) — — — (103,000 ) Dividends paid (3,068 ) — — — (3,068 ) Acquisition of treasury stock (12,130 ) — — — (12,130 ) Issuance of common stock under share-based plans, net (4,149 ) — — — (4,149 ) Excess tax benefit related to share-based plans 3,163 — — — 3,163 Intercompany financing 22,639 (24,914 ) 2,275 — — Net cash provided by (used for) financing activities 6,455 (24,914 ) 2,275 — (16,184 ) Effect of exchange rate changes on cash and cash equivalents — — 594 — 594 Increase in cash and cash equivalents 16,611 4,104 10,668 — 31,383 Cash and cash equivalents at beginning of period 31,000 — 87,151 — 118,151 Cash and cash equivalents at end of period $ 47,611 $ 4,104 $ 97,819 $ — $ 149,534 CONDENSED CONSOLIDATING BALANCE SHEET JANUARY 28, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 23,999 $ 9,029 $ 22,304 $ — $ 55,332 Receivables, net 118,746 5,414 28,961 — 153,121 Inventories, net 150,098 410,867 24,799 — 585,764 Prepaid expenses and other current assets 24,293 23,040 8,058 (5,863 ) 49,528 Intercompany receivable – current 695 263 22,091 (23,049 ) — Total current assets 317,831 448,613 106,213 (28,912 ) 843,745 Other assets 51,181 16,567 826 — 68,574 Goodwill and intangible assets, net 113,333 219,337 11,088 — 343,758 Property and equipment, net 31,424 176,358 11,414 — 219,196 Investment in subsidiaries 1,343,954 — (21,946 ) (1,322,008 ) — Intercompany receivable – noncurrent 568,541 366,902 581,624 (1,517,067 ) — Total assets $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 110,000 $ — $ — $ — $ 110,000 Trade accounts payable 116,783 112,434 37,153 — 266,370 Other accrued expenses 74,941 65,228 16,919 (5,863 ) 151,225 Intercompany payable – current 12,794 — 10,255 (23,049 ) — Total current liabilities 314,518 177,662 64,327 (28,912 ) 527,595 Other liabilities Long-term debt 197,003 — — — 197,003 Other liabilities 91,683 40,507 3,999 — 136,189 Intercompany payable – noncurrent 1,209,943 98,982 208,142 (1,517,067 ) — Total other liabilities 1,498,629 139,489 212,141 (1,517,067 ) 333,192 Equity Caleres, Inc. shareholders’ equity 613,117 910,626 411,382 (1,322,008 ) 613,117 Noncontrolling interests — — 1,369 — 1,369 Total equity 613,117 910,626 412,751 (1,322,008 ) 614,486 Total liabilities and equity $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended April 29, 2017 and April 30, 2016 : Thirteen Weeks Ended ($ thousands, except per share amounts) April 29, 2017 April 30, 2016 NUMERATOR Net earnings $ 14,884 $ 17,878 Net loss (earnings) attributable to noncontrolling interests 18 (96 ) Net earnings allocated to participating securities (408 ) (486 ) Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities $ 14,494 $ 17,296 DENOMINATOR Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders 41,832 42,433 Dilutive effect of share-based awards 169 163 Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders 42,001 42,596 Basic earnings per common share attributable to Caleres, Inc. shareholders $ 0.35 $ 0.41 Diluted earnings per common share attributable to Caleres, Inc. shareholders $ 0.35 $ 0.41 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Following is a summary of certain key financial measures for the Company’s business segments for the thirteen weeks ended April 29, 2017 and April 30, 2016 . Famous Footwear Brand Portfolio ($ thousands) Other Total Thirteen Weeks Ended April 29, 2017 External sales $ 366,494 $ 265,015 $ — $ 631,509 Intersegment sales — 14,700 — 14,700 Operating earnings (loss) 20,279 13,314 (7,868 ) 25,725 Segment assets 540,417 743,256 125,884 1,409,557 Thirteen Weeks Ended April 30, 2016 External sales $ 364,596 $ 220,137 $ — $ 584,733 Intersegment sales — 15,563 — 15,563 Operating earnings (loss) 25,753 9,623 (6,633 ) 28,743 Segment assets 540,914 428,077 257,101 1,226,092 |
Schedule of Reconciliation of Operating Earnings Before Income Taxes | Following is a reconciliation of operating earnings to earnings before income taxes: Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 Operating earnings $ 25,725 $ 28,743 Interest expense (5,044 ) (3,610 ) Interest income 235 247 Earnings before income taxes $ 20,916 $ 25,380 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company's net inventory balance was comprised of the following: ($ thousands) April 29, 2017 April 30, 2016 January 28, 2017 Raw materials $ 15,114 $ 771 $ 15,378 Work-in-process 863 — 1,093 Finished goods 549,074 487,105 569,293 Inventories, net $ 565,051 $ 487,876 $ 585,764 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill and intangible assets were as follows: ($ thousands) April 29, 2017 April 30, 2016 January 28, 2017 Intangible Assets Famous Footwear $ 2,800 $ 2,800 $ 2,800 Brand Portfolio 285,988 183,068 286,488 Total intangible assets 288,788 185,868 289,288 Accumulated amortization (73,661 ) (69,843 ) (72,628 ) Total intangible assets, net 215,127 116,025 216,660 Goodwill Brand Portfolio 127,081 13,954 127,098 Total goodwill 127,081 13,954 127,098 Goodwill and intangible assets, net $ 342,208 $ 129,979 $ 343,758 |
Schedule of Finite-Lived Intangible Assets | The Company's intangible assets as of April 29, 2017 , April 30, 2016 and January 28, 2017 were as follows: ($ thousands) April 29, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 73,526 $ 91,762 Trademarks Indefinite 118,100 (1 ) — 118,100 Customer relationships 15 years 5,400 (1 ) 135 5,265 $ 288,788 $ 73,661 $ 215,127 April 30, 2016 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,068 $ 69,843 $ 95,225 Trademarks Indefinite 20,800 — 20,800 $ 185,868 $ 69,843 $ 116,025 January 28, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 72,604 $ 92,684 Trademarks Indefinite 117,900 (1 ) — 117,900 Customer relationships 15 years 6,100 (1 ) 24 6,076 $ 289,288 $ 72,628 $ 216,660 (1) The Allen Edmonds trademark and customer relationships intangible assets were acquired in the Allen Edmonds acquisition, as further discussed in Note 3 to the condensed consolidated financial statements. Immaterial adjustments attributable to the purchase price allocation were recorded during the thirteen weeks ended April 29, 2017, resulting in an adjustment to the original cost. |
Schedule of Indefinite-Lived Intangible Assets | The Company's intangible assets as of April 29, 2017 , April 30, 2016 and January 28, 2017 were as follows: ($ thousands) April 29, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 73,526 $ 91,762 Trademarks Indefinite 118,100 (1 ) — 118,100 Customer relationships 15 years 5,400 (1 ) 135 5,265 $ 288,788 $ 73,661 $ 215,127 April 30, 2016 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,068 $ 69,843 $ 95,225 Trademarks Indefinite 20,800 — 20,800 $ 185,868 $ 69,843 $ 116,025 January 28, 2017 Estimated Useful Lives Original Cost Accumulated Amortization Net Carrying Value Trademarks 15-40 years $ 165,288 $ 72,604 $ 92,684 Trademarks Indefinite 117,900 (1 ) — 117,900 Customer relationships 15 years 6,100 (1 ) 24 6,076 $ 289,288 $ 72,628 $ 216,660 (1) The Allen Edmonds trademark and customer relationships intangible assets were acquired in the Allen Edmonds acquisition, as further discussed in Note 3 to the condensed consolidated financial statements. Immaterial adjustments attributable to the purchase price allocation were recorded during the thirteen weeks ended April 29, 2017, resulting in an adjustment to the original cost. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Shareholders' Equity and Noncontrolling Interests | The following tables set forth the changes in Caleres, Inc. shareholders’ equity and noncontrolling interests for the thirteen weeks ended April 29, 2017 and April 30, 2016 : ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 28, 2017 $ 613,117 $ 1,369 $ 614,486 Net earnings (loss) 14,902 (18 ) 14,884 Other comprehensive income (loss) 656 (5 ) 651 Dividends paid (3,025 ) — (3,025 ) Acquisition of treasury stock (5,993 ) — (5,993 ) Issuance of common stock under share-based plans, net (2,422 ) — (2,422 ) Cumulative-effect adjustment from adoption of ASU 2016-09 441 — 441 Share-based compensation expense 2,711 — 2,711 Equity at April 29, 2017 $ 620,387 $ 1,346 $ 621,733 ($ thousands) Caleres, Inc. Shareholders’ Equity Noncontrolling Interests Total Equity Equity at January 30, 2016 $ 601,484 $ 988 $ 602,472 Net earnings 17,782 96 17,878 Other comprehensive income 1,810 14 1,824 Dividends paid (3,068 ) — (3,068 ) Acquisition of treasury stock (12,130 ) — (12,130 ) Issuance of common stock under share-based plans, net (4,149 ) — (4,149 ) Excess tax benefit related to share-based plans 3,163 — 3,163 Share-based compensation expense 1,987 — 1,987 Equity at April 30, 2016 $ 606,879 $ 1,098 $ 607,977 |
Schedule of Accumulated Other Comprehensive Loss | The following table sets forth the changes in accumulated other comprehensive loss (OCL) by component for the thirteen weeks ended April 29, 2017 and April 30, 2016 : ($ thousands) Foreign Currency Translation Pension and Other Postretirement Transactions (1) Derivative Financial Instrument Transactions (2) Accumulated Other Comprehensive (Loss) Income Balance January 28, 2017 $ 192 $ (30,084 ) $ (542 ) $ (30,434 ) Other comprehensive (loss) income before reclassifications (540 ) — 753 213 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — 679 47 726 Tax benefit — (261 ) (22 ) (283 ) Net reclassifications — 418 25 443 Other comprehensive (loss) income (540 ) 418 778 656 Balance April 29, 2017 $ (348 ) $ (29,666 ) $ 236 $ (29,778 ) Balance January 30, 2016 $ (900 ) $ (5,356 ) $ 392 $ (5,864 ) Other comprehensive income (loss) before reclassifications 2,310 — (288 ) 2,022 Reclassifications: Amounts reclassified from accumulated other comprehensive loss — (477 ) 123 (354 ) Tax provision (benefit) — 189 (47 ) 142 Net reclassifications — (288 ) 76 (212 ) Other comprehensive income (loss) 2,310 (288 ) (212 ) 1,810 Balance April 30, 2016 $ 1,410 $ (5,644 ) $ 180 $ (4,054 ) (1) Amounts reclassified are included in selling and administrative expenses. See Note 11 to the condensed consolidated financial statements for additional information related to pension and other postretirement benefits. (2) Amounts reclassified are included in net sales, costs of goods sold, selling and administrative expenses and interest expense. See Notes 12 and 13 to the condensed consolidated financial statements for additional information related to derivative financial instruments. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock, Activity | The following table summarizes restricted stock activity for the thirteen weeks ended April 29, 2017 and April 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended April 29, 2017 April 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Restricted Shares Total Number of Restricted Shares January 28, 2017 1,128,049 $ 25.85 January 30, 2016 1,262,449 $ 19.55 Granted 351,820 26.90 Granted 336,800 26.64 Forfeited (12,500 ) 26.63 Forfeited (29,250 ) 20.53 Vested (250,035 ) 17.00 Vested (419,250 ) 9.18 April 29, 2017 1,217,334 $ 27.96 April 30, 2016 1,150,749 $ 25.38 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity for the thirteen weeks ended April 29, 2017 and April 30, 2016 : Thirteen Weeks Ended Thirteen Weeks Ended April 29, 2017 April 30, 2016 Weighted- Average Grant Date Fair Value Weighted- Average Grant Date Fair Value Total Number of Stock Options Total Number of Stock Options January 28, 2017 150,540 $ 9.36 January 30, 2016 301,295 $ 8.95 Granted — — Granted — — Exercised (6,000 ) 5.57 Exercised (50,066 ) 7.17 Forfeited — — Forfeited (7,499 ) 15.94 Expired (47,248 ) 15.94 Expired (14,625 ) 10.75 April 29, 2017 97,292 $ 6.39 April 30, 2016 229,105 $ 8.99 |
Retirement and Other Benefit 29
Retirement and Other Benefit Plans (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost (Income) | The following table sets forth the components of net periodic benefit cost (income) for the Company, including domestic and Canadian plans: Pension Benefits Other Postretirement Benefits Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Service cost $ 2,467 $ 2,263 $ — $ — Interest cost 3,747 3,861 18 15 Expected return on assets (6,880 ) (7,223 ) — — Amortization of: Actuarial loss (gain) 1,152 38 (38 ) (55 ) Prior service income (435 ) (460 ) — — Total net periodic benefit cost (income) $ 51 $ (1,521 ) $ (20 ) $ (40 ) |
Risk Management and Derivativ30
Risk Management and Derivatives (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Contract Notional Amount of All Purchase and Sale Contracts of a Foreign Currency | As of April 29, 2017 , April 30, 2016 and January 28, 2017 , the Company had forward contracts maturing at various dates through May 2018 , April 2017 and February 2018 , respectively. The contract amounts in the following table represent the net notional amount of all purchase and sale contracts of a foreign currency. (U.S. $ equivalent in thousands) April 29, 2017 April 30, 2016 January 28, 2017 Financial Instruments U.S. dollars (purchased by the Company’s Canadian division with Canadian dollars) $ 20,813 $ 15,767 $ 18,826 Euro 16,446 15,182 13,297 Chinese yuan 4,476 14,066 7,723 Japanese yen 416 1,152 769 United Arab Emirates dirham 528 900 823 New Taiwanese dollars 545 514 526 Other currencies 66 170 124 Total financial instruments $ 43,290 $ 47,751 $ 42,088 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The classification and fair values of derivative instruments designated as hedging instruments included within the condensed consolidated balance sheets as of April 29, 2017 , April 30, 2016 and January 28, 2017 are as follows: Asset Derivatives Liability Derivatives ($ thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign exchange forward contracts: April 29, 2017 Prepaid expenses and other current assets $ 610 Other accrued expenses $ 187 April 30, 2016 Prepaid expenses and other current assets 615 Other accrued expenses 962 January 28, 2017 Prepaid expenses and other current assets 234 Other accrued expenses 874 |
Schedule of Effect of Derivative Instruments in Cash Flow Hedging Relationships on Condensed Consolidated Statements of Earnings | For the thirteen weeks ended April 29, 2017 and April 30, 2016 , the effect of derivative instruments in cash flow hedging relationships on the condensed consolidated statements of earnings was as follows: Thirteen Weeks Ended Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 Foreign exchange forward contracts: Income Statement Classification (Losses) Gains - Realized (Loss) Gain Recognized in OCL on Derivatives Gain (Loss) Reclassified from Accumulated OCL into Earnings (Loss) Gain Recognized in OCL on Derivatives (Loss) Gain Reclassified from Accumulated OCL into Earnings Net sales $ (32 ) $ 18 $ (164 ) $ (36 ) Cost of goods sold 793 3 (113 ) 83 Selling and administrative expenses 310 (67 ) 51 (170 ) Interest expense 4 (1 ) (38 ) — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at April 29, 2017 , April 30, 2016 and January 28, 2017 . The Company did not have any transfers between Level 1, Level 2 or Level 3 during the thirteen weeks ended April 29, 2017 or April 30, 2016 . Fair Value Measurements ($ thousands) Total Level 1 Level 2 Level 3 Asset (Liability) April 29, 2017: Cash equivalents – money market funds $ 43,531 $ 43,531 $ — $ — Non-qualified deferred compensation plan assets 5,402 5,402 — — Non-qualified deferred compensation plan liabilities (5,402 ) (5,402 ) — — Deferred compensation plan liabilities for non-employee directors (2,189 ) (2,189 ) — — Restricted stock units for non-employee directors (9,276 ) (9,276 ) — — Derivative financial instruments, net 423 — 423 — April 30, 2016: Cash equivalents – money market funds $ 129,576 $ 129,576 $ — $ — Non-qualified deferred compensation plan assets 4,557 4,557 — — Non-qualified deferred compensation plan liabilities (4,557 ) (4,557 ) — — Deferred compensation plan liabilities for non-employee directors (1,657 ) (1,657 ) — — Restricted stock units for non-employee directors (8,576 ) (8,576 ) — — Performance share units (1,838 ) (1,838 ) — — Derivative financial instruments, net (347 ) — (347 ) — Secured convertible note 7,153 — — 7,153 January 28, 2017: Cash equivalents – money market funds $ 27,530 $ 27,530 $ — $ — Non-qualified deferred compensation plan assets 5,051 5,051 — — Non-qualified deferred compensation plan liabilities (5,051 ) (5,051 ) — — Deferred compensation plan liabilities for non-employee directors (1,909 ) (1,909 ) — — Restricted stock units for non-employee directors (9,390 ) (9,390 ) — — Performance share units (3,352 ) (3,352 ) — — Derivative financial instruments, net (640 ) — (640 ) — |
Schedule of Impairment Charges by Segment | This assessment resulted in the following impairment charges, primarily for leasehold improvements and furniture and fixtures in the Company's retail stores, which were included in selling and administrative expenses for the respective periods. Thirteen Weeks Ended ($ thousands) April 29, 2017 April 30, 2016 Impairment Charges Famous Footwear $ 150 $ 250 Brand Portfolio 799 215 Total impairment charges $ 949 $ 465 |
Schedule of Fair Value of Financial Instruments | The fair values of cash and cash equivalents (excluding money market funds discussed above), receivables and trade accounts payable approximate their carrying values due to the short-term nature of these instruments. The carrying amounts and fair values of the Company's other financial instruments subject to fair value disclosures are as follows: April 29, 2017 April 30, 2016 January 28, 2017 Carrying Fair Carrying Fair Carrying Fair ($ thousands) Value Value Value Value Value Value Borrowings under revolving credit agreement $ 85,000 $ 85,000 $ — $ — $ 110,000 $ 110,000 Long-term debt 197,118 209,500 196,659 205,000 197,003 209,000 Total debt $ 282,118 $ 294,500 $ 196,659 $ 205,000 $ 307,003 $ 319,000 |
Financial Information for the32
Financial Information for the Company and its Subsidiaries (Tables) | 3 Months Ended |
Apr. 29, 2017 | |
Financial Information For The Company And Its Subsidiaries [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET APRIL 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 47,611 $ 4,104 $ 97,819 $ — $ 149,534 Receivables, net 99,021 761 17,179 — 116,961 Inventories, net 96,450 370,114 21,312 — 487,876 Prepaid expenses and other current assets 12,950 21,546 5,313 — 39,809 Intercompany receivable – current 571 185 10,084 (10,840 ) — Total current assets 256,603 396,710 151,707 (10,840 ) 794,180 Other assets 95,244 13,253 7,850 — 116,347 Goodwill and intangible assets, net 115,002 2,800 12,177 — 129,979 Property and equipment, net 31,473 144,427 9,686 — 185,586 Investment in subsidiaries 1,040,178 — (20,061 ) (1,020,117 ) — Intercompany receivable – noncurrent 462,382 375,975 561,419 (1,399,776 ) — Total assets $ 2,000,882 $ 933,165 $ 722,778 $ (2,430,733 ) $ 1,226,092 Liabilities and Equity Current liabilities Trade accounts payable $ 42,121 $ 131,783 $ 15,250 $ — $ 189,154 Other accrued expenses 41,347 69,268 14,790 — 125,405 Intercompany payable – current 2,228 — 8,612 (10,840 ) — Total current liabilities 85,696 201,051 38,652 (10,840 ) 314,559 Other liabilities Long-term debt 196,659 — — — 196,659 Other liabilities 36,925 66,321 3,651 — 106,897 Intercompany payable – noncurrent 1,074,723 38,518 286,535 (1,399,776 ) — Total other liabilities 1,308,307 104,839 290,186 (1,399,776 ) 303,556 Equity Caleres, Inc. shareholders’ equity 606,879 627,275 392,842 (1,020,117 ) 606,879 Noncontrolling interests — — 1,098 — 1,098 Total equity 606,879 627,275 393,940 (1,020,117 ) 607,977 Total liabilities and equity $ 2,000,882 $ 933,165 $ 722,778 $ (2,430,733 ) $ 1,226,092 CONDENSED CONSOLIDATING BALANCE SHEET JANUARY 28, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 23,999 $ 9,029 $ 22,304 $ — $ 55,332 Receivables, net 118,746 5,414 28,961 — 153,121 Inventories, net 150,098 410,867 24,799 — 585,764 Prepaid expenses and other current assets 24,293 23,040 8,058 (5,863 ) 49,528 Intercompany receivable – current 695 263 22,091 (23,049 ) — Total current assets 317,831 448,613 106,213 (28,912 ) 843,745 Other assets 51,181 16,567 826 — 68,574 Goodwill and intangible assets, net 113,333 219,337 11,088 — 343,758 Property and equipment, net 31,424 176,358 11,414 — 219,196 Investment in subsidiaries 1,343,954 — (21,946 ) (1,322,008 ) — Intercompany receivable – noncurrent 568,541 366,902 581,624 (1,517,067 ) — Total assets $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 110,000 $ — $ — $ — $ 110,000 Trade accounts payable 116,783 112,434 37,153 — 266,370 Other accrued expenses 74,941 65,228 16,919 (5,863 ) 151,225 Intercompany payable – current 12,794 — 10,255 (23,049 ) — Total current liabilities 314,518 177,662 64,327 (28,912 ) 527,595 Other liabilities Long-term debt 197,003 — — — 197,003 Other liabilities 91,683 40,507 3,999 — 136,189 Intercompany payable – noncurrent 1,209,943 98,982 208,142 (1,517,067 ) — Total other liabilities 1,498,629 139,489 212,141 (1,517,067 ) 333,192 Equity Caleres, Inc. shareholders’ equity 613,117 910,626 411,382 (1,322,008 ) 613,117 Noncontrolling interests — — 1,369 — 1,369 Total equity 613,117 910,626 412,751 (1,322,008 ) 614,486 Total liabilities and equity $ 2,426,264 $ 1,227,777 $ 689,219 $ (2,867,987 ) $ 1,475,273 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET APRIL 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Assets Current assets Cash and cash equivalents $ 43,201 $ 15,601 $ 13,014 $ — $ 71,816 Receivables, net 90,121 3,705 13,195 — 107,021 Inventories, net 117,815 422,911 24,325 — 565,051 Prepaid expenses and other current assets 20,499 15,134 7,313 (4,628 ) 38,318 Intercompany receivable – current 1,487 159 18,297 (19,943 ) — Total current assets 273,123 457,510 76,144 (24,571 ) 782,206 Other assets 51,823 14,631 835 — 67,289 Goodwill and intangible assets, net 112,777 218,707 10,724 — 342,208 Property and equipment, net 32,093 173,567 12,194 — 217,854 Investment in subsidiaries 1,370,854 — (22,994 ) (1,347,860 ) — Intercompany receivable – noncurrent 581,957 409,466 591,105 (1,582,528 ) — Total assets $ 2,422,627 $ 1,273,881 $ 668,008 $ (2,954,959 ) $ 1,409,557 Liabilities and Equity Current liabilities Borrowings under revolving credit agreement $ 85,000 $ — $ — $ — $ 85,000 Trade accounts payable 65,364 140,924 18,744 — 225,032 Other accrued expenses 57,359 78,302 15,282 (4,628 ) 146,315 Intercompany payable – current 10,398 — 9,545 (19,943 ) — Total current liabilities 218,121 219,226 43,571 (24,571 ) 456,347 Other liabilities Long-term debt 197,118 — — — 197,118 Other liabilities 90,110 40,223 4,026 — 134,359 Intercompany payable – noncurrent 1,296,891 80,188 205,449 (1,582,528 ) — Total other liabilities 1,584,119 120,411 209,475 (1,582,528 ) 331,477 Equity Caleres, Inc. shareholders’ equity 620,387 934,244 413,616 (1,347,860 ) 620,387 Noncontrolling interests — — 1,346 — 1,346 Total equity 620,387 934,244 414,962 (1,347,860 ) 621,733 Total liabilities and equity $ 2,422,627 $ 1,273,881 $ 668,008 $ (2,954,959 ) $ 1,409,557 |
Schedule of Condensed Consolidating Statement of Comprehensive Income | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 187,187 $ 383,046 $ 38,796 $ (24,296 ) $ 584,733 Cost of goods sold 129,909 204,627 22,894 (20,490 ) 336,940 Gross profit 57,278 178,419 15,902 (3,806 ) 247,793 Selling and administrative expenses 49,542 157,103 16,211 (3,806 ) 219,050 Operating earnings (loss) 7,736 21,316 (309 ) — 28,743 Interest expense (3,608 ) (2 ) — — (3,610 ) Interest income 157 — 90 — 247 Intercompany interest income (expense) 2,254 (2,301 ) 47 — — Earnings (loss) before income taxes 6,539 19,013 (172 ) — 25,380 Income tax provision (866 ) (6,304 ) (332 ) — (7,502 ) Equity in earnings (loss) of subsidiaries, net of tax 12,109 — (537 ) (11,572 ) — Net earnings (loss) 17,782 12,709 (1,041 ) (11,572 ) 17,878 Less: Net earnings attributable to noncontrolling interests — — 96 — 96 Net earnings (loss) attributable to Caleres, Inc. $ 17,782 $ 12,709 $ (1,137 ) $ (11,572 ) $ 17,782 Comprehensive income $ 19,578 $ 12,709 $ 228 $ (12,827 ) $ 19,688 Less: Comprehensive income attributable to noncontrolling interests — — 110 — 110 Comprehensive income attributable to Caleres, Inc. $ 19,578 $ 12,709 $ 118 $ (12,827 ) $ 19,578 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net sales $ 194,440 $ 427,539 $ 38,045 $ (28,515 ) $ 631,509 Cost of goods sold 132,851 231,786 18,530 (22,566 ) 360,601 Gross profit 61,589 195,753 19,515 (5,949 ) 270,908 Selling and administrative expenses 52,424 182,347 15,253 (5,949 ) 244,075 Restructuring and other special charges, net 1,108 — — — 1,108 Operating earnings 8,057 13,406 4,262 — 25,725 Interest expense (5,035 ) (9 ) — — (5,044 ) Interest income 88 — 147 — 235 Intercompany interest income (expense) 2,083 (2,324 ) 241 — — Earnings before income taxes 5,193 11,073 4,650 — 20,916 Income tax provision (1,087 ) (3,875 ) (1,070 ) — (6,032 ) Equity in earnings (loss) of subsidiaries, net of tax 10,796 — (1,048 ) (9,748 ) — Net earnings 14,902 7,198 2,532 (9,748 ) 14,884 Less: Net loss attributable to noncontrolling interests — — (18 ) — (18 ) Net earnings attributable to Caleres, Inc. $ 14,902 $ 7,198 $ 2,550 $ (9,748 ) $ 14,902 Comprehensive income $ 15,563 $ 7,198 $ 2,453 $ (9,674 ) $ 15,540 Less: Comprehensive loss attributable to noncontrolling interests — — (23 ) — (23 ) Comprehensive income attributable to Caleres, Inc. $ 15,563 $ 7,198 $ 2,476 $ (9,674 ) $ 15,563 |
Schedule of Condensed Consolidating Statement of Cash Flows | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2016 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 14,658 $ 42,360 $ 8,142 $ — $ 65,160 Investing activities Purchases of property and equipment (590 ) (15,434 ) (343 ) — (16,367 ) Capitalized software (1,097 ) (723 ) — — (1,820 ) Intercompany investing (2,815 ) 2,815 — — — Net cash used for investing activities (4,502 ) (13,342 ) (343 ) — (18,187 ) Financing activities Borrowings under revolving credit agreement 103,000 — — — 103,000 Repayments under revolving credit agreement (103,000 ) — — — (103,000 ) Dividends paid (3,068 ) — — — (3,068 ) Acquisition of treasury stock (12,130 ) — — — (12,130 ) Issuance of common stock under share-based plans, net (4,149 ) — — — (4,149 ) Excess tax benefit related to share-based plans 3,163 — — — 3,163 Intercompany financing 22,639 (24,914 ) 2,275 — — Net cash provided by (used for) financing activities 6,455 (24,914 ) 2,275 — (16,184 ) Effect of exchange rate changes on cash and cash equivalents — — 594 — 594 Increase in cash and cash equivalents 16,611 4,104 10,668 — 31,383 Cash and cash equivalents at beginning of period 31,000 — 87,151 — 118,151 Cash and cash equivalents at end of period $ 47,611 $ 4,104 $ 97,819 $ — $ 149,534 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTEEN WEEKS ENDED APRIL 29, 2017 Non- ($ thousands) Parent Guarantors Guarantors Eliminations Total Net cash provided by operating activities $ 8,601 $ 55,017 $ 1,766 $ — $ 65,384 Investing activities Purchases of property and equipment (1,915 ) (7,570 ) (1,493 ) — (10,978 ) Proceeds from disposal of property and equipment (17,238 ) 17,238 — — — Capitalized software (1,167 ) (223 ) — — (1,390 ) Intercompany investing (2,494 ) 2,494 — — — Net cash (used for) provided by investing activities (22,814 ) 11,939 (1,493 ) — (12,368 ) Financing activities Borrowings under revolving credit agreement 195,000 — — — 195,000 Repayments under revolving credit agreement (220,000 ) — — — (220,000 ) Dividends paid (3,025 ) — — — (3,025 ) Acquisition of treasury stock (5,993 ) — — — (5,993 ) Issuance of common stock under share-based plans, net (2,422 ) — — — (2,422 ) Intercompany financing 69,855 (60,384 ) (9,471 ) — — Net cash provided by (used for) financing activities 33,415 (60,384 ) (9,471 ) — (36,440 ) Effect of exchange rate changes on cash and cash equivalents — — (92 ) — (92 ) Increase (decrease) in cash and cash equivalents 19,202 6,572 (9,290 ) — 16,484 Cash and cash equivalents at beginning of period 23,999 9,029 22,304 — 55,332 Cash and cash equivalents at end of period $ 43,201 $ 15,601 $ 13,014 $ — $ 71,816 |
Impact of New Accounting Pron33
Impact of New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Discrete tax benefit | $ 1.1 | $ 0.7 |
Cumulative Effect on Retained Earnings, Tax | $ 0.4 |
Acquistion (Narrative) (Details
Acquistion (Narrative) (Details) - Allen Edmonds [Member] - USD ($) | Dec. 13, 2016 | Apr. 29, 2017 |
Business Acquisition [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | Dec. 13, 2016 | |
Business Acquisition, Name of Acquired Entity | Allen Edmonds | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 259,900,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 700,000 | |
Brand Portfolio [Member] | Cost of goods sold | ||
Business Acquisition [Line Items] | ||
Business Combination, Acquisition Amortization of Inventory Fair Value Adjustment | $ 3,000,000 | |
Business Combination, Acquisition Amortization of Inventory Fair Value Adjustment, Net of Tax | 1,900,000 | |
Business Combination, Acquisition Amortization of Inventory Fair Value Adjustment, Per Diluted Share | $ 0.04 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 27 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive options excluded from computation of earnings per share | 16,667 | 66,165 | |
Shares repurchased during period under share repurchase program | 225,000 | 450,000 | 1,300,000 |
Share repurchase program, number of shares authorized to be repurchased | 2,500,000 | 2,500,000 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
NUMERATOR | ||
Net earnings | $ 14,884 | $ 17,878 |
Net loss (earnings) attributable to noncontrolling interests | 18 | (96) |
Net earnings allocated to participating securities | (408) | (486) |
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities | $ 14,494 | $ 17,296 |
DENOMINATOR | ||
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders | 41,832 | 42,433 |
Dilutive effect of share-based awards | 169 | 163 |
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders | 42,001 | 42,596 |
Basic earnings per common share: | ||
Basic earnings per common share attributable to Caleres, Inc. shareholders | $ 0.35 | $ 0.41 |
Diluted earnings per common share: | ||
Diluted earnings per common share attributable to Caleres, Inc. shareholders | $ 0.35 | $ 0.41 |
Restructuring and Other Initi37
Restructuring and Other Initiatives (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other special charges, net | $ 1,108 | $ 0 |
Restructuring and Related Cost Incurred Cost After Tax | $ 700 | |
Restructuring and Related Cost Incurred Cost Per Diluted Share | $ 0.01 | |
Brand Portfolio [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other special charges, net | $ 800 | |
Corporate and Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other special charges, net | $ 300 |
Business Segment Information (S
Business Segment Information (Schedule of Business Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 28, 2017 | |
Segment Reporting Information [Line Items] | |||
External sales | $ 631,509 | $ 584,733 | |
Intersegment sales | 14,700 | 15,563 | |
Operating earnings (loss) | 25,725 | 28,743 | |
Segment assets | 1,409,557 | 1,226,092 | $ 1,475,273 |
Famous Footwear [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 366,494 | 364,596 | |
Intersegment sales | 0 | 0 | |
Operating earnings (loss) | 20,279 | 25,753 | |
Segment assets | 540,417 | 540,914 | |
Brand Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 265,015 | 220,137 | |
Intersegment sales | 14,700 | 15,563 | |
Operating earnings (loss) | 13,314 | 9,623 | |
Segment assets | 743,256 | 428,077 | |
Other Category [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 0 | 0 | |
Intersegment sales | 0 | 0 | |
Operating earnings (loss) | (7,868) | (6,633) | |
Segment assets | $ 125,884 | $ 257,101 |
Business Segment Information 39
Business Segment Information (Schedule of Reconciliation of Operating Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Segment Reporting [Abstract] | ||
Operating earnings | $ 25,725 | $ 28,743 |
Interest expense | (5,044) | (3,610) |
Interest income | 235 | 247 |
Earnings before income taxes | $ 20,916 | $ 25,380 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Inventory [Line Items] | |||
Raw materials | $ 15,114 | $ 15,378 | $ 771 |
Work-in-process | 863 | 1,093 | 0 |
Finished goods | 549,074 | 569,293 | 487,105 |
Inventories, net | $ 565,051 | $ 585,764 | $ 487,876 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 28, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 102,900 | ||
Goodwill, Acquired During Period | 113,100 | ||
Amortization expense related to intangible assets | $ 1,033 | $ 920 | |
Primarily Owned And Licensed Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | 97,500 | ||
Amortization expense related to intangible assets | $ 1,033 | $ 920 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 5,400 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | $ 288,788 | $ 289,288 | $ 185,868 |
Accumulated amortization | (73,661) | (72,628) | (69,843) |
Total intangible assets, net | 215,127 | 216,660 | 116,025 |
Goodwill | 127,081 | 127,098 | 13,954 |
Goodwill and intangible assets, net | 342,208 | 343,758 | 129,979 |
Famous Footwear [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | 2,800 | 2,800 | 2,800 |
Brand Portfolio [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets | 285,988 | 286,488 | 183,068 |
Goodwill | $ 127,081 | $ 127,098 | $ 13,954 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets (Schedule of Finite and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 73,661 | $ 72,628 | $ 69,843 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 118,100 | 117,900 | 20,800 |
Intangible Assets, Gross (Excluding Goodwill) | 288,788 | 289,288 | 185,868 |
Intangible assets, net | 215,127 | 216,660 | 116,025 |
Primarily Owned And Licensed Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 165,288 | 165,288 | 165,068 |
Finite-Lived Intangible Assets, Accumulated Amortization | 73,526 | 72,604 | 69,843 |
Finite-Lived Intangible Assets, Net | 91,762 | 92,684 | $ 95,225 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 5,400 | 6,100 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 135 | 24 | |
Finite-Lived Intangible Assets, Net | $ 5,265 | $ 6,076 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Changes in Shareholders' Equity and Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Equity, beginning balance | $ 614,486 | |
Net earnings | 14,884 | $ 17,878 |
Other comprehensive income (loss) | 656 | 1,810 |
Cumulative-effect adjustment from adoption of ASU 2016-09 | (400) | |
Equity, ending balance | 621,733 | 607,977 |
Caleres, Inc. Shareholders' Equity [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Equity, beginning balance | 613,117 | 601,484 |
Net earnings | 14,902 | 17,782 |
Other comprehensive income (loss) | 656 | 1,810 |
Dividends paid | (3,025) | (3,068) |
Acquisition of treasury stock | (5,993) | (12,130) |
Issuance of common stock under share-based plans, net | (2,422) | (4,149) |
Cumulative-effect adjustment from adoption of ASU 2016-09 | 441 | |
Excess tax benefit related to share-based plans | 3,163 | |
Share-based compensation expense | 2,711 | 1,987 |
Equity, ending balance | 620,387 | 606,879 |
Noncontrolling Interests [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Equity, beginning balance | 1,369 | 988 |
Net earnings | (18) | 96 |
Other comprehensive income (loss) | (5) | 14 |
Equity, ending balance | 1,346 | 1,098 |
Total Equity [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Equity, beginning balance | 614,486 | 602,472 |
Net earnings | 14,884 | 17,878 |
Other comprehensive income (loss) | 651 | 1,824 |
Dividends paid | (3,025) | (3,068) |
Acquisition of treasury stock | (5,993) | (12,130) |
Issuance of common stock under share-based plans, net | (2,422) | (4,149) |
Cumulative-effect adjustment from adoption of ASU 2016-09 | 441 | |
Excess tax benefit related to share-based plans | 3,163 | |
Share-based compensation expense | 2,711 | 1,987 |
Equity, ending balance | $ 621,733 | $ 607,977 |
Shareholders' Equity (Schedul45
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||
Balance, beginning | $ (30,434) | |
Tax benefit | 6,032 | $ 7,502 |
Other comprehensive (loss) income | 656 | 1,810 |
Balance, ending | (29,778) | (4,054) |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||
Balance, beginning | 192 | (900) |
Other comprehensive (loss) income before reclassifications | (540) | 2,310 |
Other comprehensive (loss) income | (540) | 2,310 |
Balance, ending | (348) | 1,410 |
Pension and Other Postretirement Transactions [Member] | ||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||
Balance, beginning | (30,084) | (5,356) |
Amounts reclassified from accumulated other comprehensive loss | 679 | (477) |
Tax benefit | (261) | 189 |
Amounts reclassified from accumulated other comprehensive loss | 418 | (288) |
Other comprehensive (loss) income | 418 | (288) |
Balance, ending | (29,666) | (5,644) |
Derivative Transactions [Member] | ||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||
Balance, beginning | (542) | 392 |
Other comprehensive (loss) income before reclassifications | 753 | (288) |
Amounts reclassified from accumulated other comprehensive loss | 47 | 123 |
Tax benefit | (22) | (47) |
Amounts reclassified from accumulated other comprehensive loss | 25 | 76 |
Other comprehensive (loss) income | 778 | (212) |
Balance, ending | 236 | 180 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive (Loss) Income [Line Items] | ||
Balance, beginning | (30,434) | (5,864) |
Other comprehensive (loss) income before reclassifications | 213 | 2,022 |
Amounts reclassified from accumulated other comprehensive loss | 726 | (354) |
Tax benefit | (283) | 142 |
Amounts reclassified from accumulated other comprehensive loss | 443 | (212) |
Other comprehensive (loss) income | 656 | 1,810 |
Balance, ending | $ (29,778) | $ (4,054) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 2.7 | $ 2 |
Shares of common stock issued during the period | 254,358 | 186,772 |
Performance Share Plan Cash Based Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.8 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value of grants | $ 26.90 | $ 26.64 |
Performance share units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value of grants | $ 26.90 | $ 26.64 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options granted | 0 | 0 |
Restricted Stock Units for Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted | 882 | 853 |
Weighted-average grant date fair value of grants | $ 26.29 | $ 28.09 |
Three Year Vesting Period | Performance share units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted | 169,500 | 159,000 |
Four Year Vesting Period | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares granted | 351,820 | 336,800 |
Minimum [Member] | Performance share units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pay out percentage | 0.00% | |
Maximum [Member] | Performance share units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pay out percentage | 200.00% |
Share-based Compensation (Sched
Share-based Compensation (Schedule of Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |||
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of restricted shares | 1,217,334 | 1,150,749 | 1,128,049 | 1,262,449 |
Weighted-average grant date fair value of restricted shares | $ 27.96 | $ 25.38 | $ 25.85 | $ 19.55 |
Weighted-average grant date fair value of grants | $ 26.90 | $ 26.64 | ||
Number of restricted shares forfeited | (12,500) | (29,250) | ||
Weighted-average grant date fair value of restricted share forfeitures | $ 26.63 | $ 20.53 | ||
Number of restricted shares vested | (250,035) | (419,250) | ||
Weighted-average grant date fair value of restricted share vests | $ 17 | $ 9.18 | ||
Four Year Vesting Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted shares granted | 351,820 | 336,800 |
Share-based Compensation (Sch48
Share-based Compensation (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | |||
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of stock options | 97,292 | 229,105 | 150,540 | 301,295 |
Weighted-average grant date fair value of stock options | $ 6.39 | $ 8.99 | $ 9.36 | $ 8.95 |
Number of stock options granted | 0 | 0 | ||
Weighted-average grant date fair value of stock options granted | $ 0 | $ 0 | ||
Number of stock options exercised | (6,000) | (50,066) | ||
Weighted-average grant date fair value of stock options exercised | $ 5.57 | $ 7.17 | ||
Number of stock options forfeited | 0 | (7,499) | ||
Weighted-average grant date fair value of stock options forfeited | $ 0 | $ 15.94 | ||
Number of stock options expired | (47,248) | (14,625) | ||
Weighted-average grant date fair value of stock options expired | $ 15.94 | $ 10.75 |
Retirement and Other Benefit 49
Retirement and Other Benefit Plans (Shedule of Net Benefit Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2,467 | $ 2,263 |
Interest cost | 3,747 | 3,861 |
Expected return on assets | (6,880) | (7,223) |
Amortization of: | ||
Actuarial loss (gain) | 1,152 | 38 |
Prior service income | (435) | (460) |
Total net periodic benefit cost (income) | 51 | (1,521) |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 18 | 15 |
Expected return on assets | 0 | 0 |
Amortization of: | ||
Actuarial loss (gain) | (38) | (55) |
Prior service income | 0 | 0 |
Total net periodic benefit cost (income) | $ (20) | $ (40) |
Risk Management and Derivativ50
Risk Management and Derivatives (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 30, 2016 | |
Derivative [Line Items] | |||
Derivative, Maturity Date | May 4, 2018 | ||
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Maturity Date | May 4, 2018 | Apr. 28, 2017 | Feb. 28, 2018 |
Risk Management and Derivativ51
Risk Management and Derivatives (Schedule of Contract Notional Amount of All Purchase and Sale Contracts of a Foreign Currency) (Details) - Forward Contracts [Member] - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 43,290 | $ 42,088 | $ 47,751 |
U.S. dollars (purchased by the Company's Canadian division with Canadian dollars) [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 20,813 | 18,826 | 15,767 |
Euro | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 16,446 | 13,297 | 15,182 |
Chinese yuan | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 4,476 | 7,723 | 14,066 |
Japanese yen | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 416 | 769 | 1,152 |
United Arab Emirates dirham | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 528 | 823 | 900 |
New Taiwanese dollars | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 545 | 526 | 514 |
Other currencies | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 66 | $ 124 | $ 170 |
Risk Management and Derivativ52
Risk Management and Derivatives (Schedule of Fair Values of Derivative Instruments Designated as Hedging Instruments Included within the Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Prepaid expenses and other current assets | |||
Derivative [Line Items] | |||
Asset Derivatives, Fair Value | $ 610 | $ 234 | $ 615 |
Other Expense [Member] | |||
Derivative [Line Items] | |||
Liability Derivatives, Fair Value | $ 187 | $ 874 | $ 962 |
Risk Management and Derivativ53
Risk Management and Derivatives (Schedule of Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Statements of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Net Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss (gain) recognized in OCL on derivatives | $ (32) | $ (164) |
Gain (loss) reclassified from accumulated OCL into earnings | 18 | (36) |
Cost of goods sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss (gain) recognized in OCL on derivatives | 793 | (113) |
Gain (loss) reclassified from accumulated OCL into earnings | 3 | 83 |
Selling and administrative expenses | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss (gain) recognized in OCL on derivatives | 310 | 51 |
Gain (loss) reclassified from accumulated OCL into earnings | (67) | (170) |
Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss (gain) recognized in OCL on derivatives | 4 | (38) |
Gain (loss) reclassified from accumulated OCL into earnings | $ (1) | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferral percentage of base salary | 50.00% | |
Percentage component of compensation allowed as deferral under deferred compensation plan | 100.00% | |
Long-lived assets held for use | $ 95.4 | $ 95.6 |
Performance share units | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Requisite service period | 3 years | |
Minimum [Member] | Performance share units | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Minimum pay out percentage | 0.00% | |
Maximum [Member] | Performance share units | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Minimum pay out percentage | 200.00% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Non-qualified deferred compensation plan liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | $ (5,402) | $ (5,051) | $ (4,557) |
Non-qualified deferred compensation plan liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (5,402) | (5,051) | (4,557) |
Deferred compensation plan liabilities for non-employee directors [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (2,189) | (1,909) | (1,657) |
Deferred compensation plan liabilities for non-employee directors [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (2,189) | (1,909) | (1,657) |
Restricted stock units for non-employee directors [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (9,276) | (9,390) | (8,576) |
Restricted stock units for non-employee directors [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (9,276) | (9,390) | (8,576) |
Performance share units | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (3,352) | (1,838) | |
Performance share units | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (3,352) | (1,838) | |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (640) | (347) | |
Derivative Financial Instruments, Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability, Fair Value | (640) | (347) | |
Cash equivalents - money market funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 43,531 | 27,530 | 129,576 |
Cash equivalents - money market funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 43,531 | 27,530 | 129,576 |
Non-qualified deferred compensation plan assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 5,402 | 5,051 | 4,557 |
Non-qualified deferred compensation plan assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 5,402 | $ 5,051 | 4,557 |
Derivative Financial Instruments, Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 423 | ||
Derivative Financial Instruments, Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | $ 423 | ||
Secured convertible note [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | 7,153 | ||
Secured convertible note [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset, Fair Value | $ 7,153 |
Fair Value Measurements (Sche56
Fair Value Measurements (Schedule of Impairment Charges) (Details) - Selling and administrative expenses - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | $ 949 | $ 465 |
Famous Footwear [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | 150 | 250 |
Brand Portfolio [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | $ 799 | $ 215 |
Fair Value Measurements (Sche57
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 |
Fair Value Disclosures [Abstract] | |||
Borrowings under revolving credit agreement | $ 85,000 | $ 110,000 | $ 0 |
Borrowings under revolving credit agreement, Fair Value | 85,000 | 110,000 | |
Long-term debt – Senior Notes, Carrying Amount | 197,118 | 197,003 | 196,659 |
Long-term debt – Senior Notes, Fair Value | 209,500 | 209,000 | 205,000 |
Total debt | 282,118 | 307,003 | 196,659 |
Total debt, fair value | $ 294,500 | $ 319,000 | $ 205,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Consolidated effective tax rate | 28.80% | 29.60% |
Discrete tax benefit | $ 1.1 | $ 0.7 |
Effective tax rate if discrete tax benefits had not been recognized | 34.00% | 32.30% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Caleres, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Joint venture, ownership percentage | 51.00% | |
Hongguo International Holdings Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Joint venture, ownership percentage | 49.00% | |
B&H Footwear [Member] | ||
Related Party Transaction [Line Items] | ||
Sales to related parties | $ 0 | $ 2.2 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - Redfield Site [Member] $ in Millions | 3 Months Ended |
Apr. 29, 2017USD ($) | |
Loss Contingencies [Line Items] | |
Cumulative expenditures for both on-site and off-site remediation | $ 29.2 |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 9.5 |
Reserve for anticipated future remediation activities for on-site remediation | 4.5 |
Reserve for anticipated future remediation activities for off-site remediation | $ 5 |
Liability for on-site remediation, discounted rate | 4.80% |
On-site remediation liability, undiscounted basis | $ 14.6 |
Expected on-site remediation liability, year one | 0.6 |
Expected on-site remediation liability, year two | 0.1 |
Expected on-site remediation liability, year three | 0.1 |
Expected on-site remediation liability, year four | 0.1 |
Expected on-site remediation liability, year five | 0.1 |
Expected on-site remediation liability, thereafter | 13.6 |
Other Noncurrent Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 8.7 |
Other Current Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | $ 0.8 |
Financial Information for the61
Financial Information for the Company and its Subsidiaries (Narrative) (Details) | Dec. 13, 2016 | Apr. 29, 2017 |
Business Acquisition [Line Items] | ||
Guarantors, ownership percentage by parent | 100.00% | |
Allen Edmonds [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | Dec. 13, 2016 | |
Business Acquisition, Name of Acquired Entity | Allen Edmonds |
Financial Information for the62
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Apr. 29, 2017 | Jan. 28, 2017 | Apr. 30, 2016 | Jan. 30, 2016 |
Assets | ||||
Cash and cash equivalents | $ 71,816 | $ 55,332 | $ 149,534 | $ 118,151 |
Receivables, net | 107,021 | 153,121 | 116,961 | |
Inventories, net | 565,051 | 585,764 | 487,876 | |
Prepaid expenses and other current assets | 38,318 | 49,528 | 39,809 | |
Total current assets | 782,206 | 843,745 | 794,180 | |
Other assets | 67,289 | 68,574 | 116,347 | |
Goodwill and intangible assets, net | 342,208 | 343,758 | 129,979 | |
Property and equipment, net | 217,854 | 219,196 | 185,586 | |
Total assets | 1,409,557 | 1,475,273 | 1,226,092 | |
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 85,000 | 110,000 | 0 | |
Trade accounts payable | 225,032 | 266,370 | 189,154 | |
Other accrued expenses | 146,315 | 151,225 | 125,405 | |
Total current liabilities | 456,347 | 527,595 | 314,559 | |
Other liabilities | ||||
Long-term debt | 197,118 | 197,003 | 196,659 | |
Other liabilities | 134,359 | 136,189 | 106,897 | |
Total other liabilities | 331,477 | 333,192 | 303,556 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 620,387 | 613,117 | 606,879 | |
Noncontrolling interests | 1,346 | 1,369 | 1,098 | |
Total equity | 621,733 | 614,486 | 607,977 | |
Total liabilities and equity | 1,409,557 | 1,475,273 | 1,226,092 | |
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 43,201 | 23,999 | 47,611 | 31,000 |
Receivables, net | 90,121 | 118,746 | 99,021 | |
Inventories, net | 117,815 | 150,098 | 96,450 | |
Prepaid expenses and other current assets | 20,499 | 24,293 | 12,950 | |
Intercompany receivable – current | 1,487 | 695 | 571 | |
Total current assets | 273,123 | 317,831 | 256,603 | |
Other assets | 51,823 | 51,181 | 95,244 | |
Goodwill and intangible assets, net | 112,777 | 113,333 | 115,002 | |
Property and equipment, net | 32,093 | 31,424 | 31,473 | |
Investment in subsidiaries | 1,370,854 | 1,343,954 | 1,040,178 | |
Intercompany receivable – noncurrent | 581,957 | 568,541 | 462,382 | |
Total assets | 2,422,627 | 2,426,264 | 2,000,882 | |
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 85,000 | 110,000 | ||
Trade accounts payable | 65,364 | 116,783 | 42,121 | |
Other accrued expenses | 57,359 | 74,941 | 41,347 | |
Intercompany payable – current | 10,398 | 12,794 | 2,228 | |
Total current liabilities | 218,121 | 314,518 | 85,696 | |
Other liabilities | ||||
Long-term debt | 197,118 | 197,003 | 196,659 | |
Other liabilities | 90,110 | 91,683 | 36,925 | |
Intercompany payable – noncurrent | 1,296,891 | 1,209,943 | 1,074,723 | |
Total other liabilities | 1,584,119 | 1,498,629 | 1,308,307 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 620,387 | 613,117 | 606,879 | |
Total equity | 620,387 | 613,117 | 606,879 | |
Total liabilities and equity | 2,422,627 | 2,426,264 | 2,000,882 | |
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 15,601 | 9,029 | 4,104 | |
Receivables, net | 3,705 | 5,414 | 761 | |
Inventories, net | 422,911 | 410,867 | 370,114 | |
Prepaid expenses and other current assets | 15,134 | 23,040 | 21,546 | |
Intercompany receivable – current | 159 | 263 | 185 | |
Total current assets | 457,510 | 448,613 | 396,710 | |
Other assets | 14,631 | 16,567 | 13,253 | |
Goodwill and intangible assets, net | 218,707 | 219,337 | 2,800 | |
Property and equipment, net | 173,567 | 176,358 | 144,427 | |
Intercompany receivable – noncurrent | 409,466 | 366,902 | 375,975 | |
Total assets | 1,273,881 | 1,227,777 | 933,165 | |
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 0 | 0 | ||
Trade accounts payable | 140,924 | 112,434 | 131,783 | |
Other accrued expenses | 78,302 | 65,228 | 69,268 | |
Total current liabilities | 219,226 | 177,662 | 201,051 | |
Other liabilities | ||||
Other liabilities | 40,223 | 40,507 | 66,321 | |
Intercompany payable – noncurrent | 80,188 | 98,982 | 38,518 | |
Total other liabilities | 120,411 | 139,489 | 104,839 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 934,244 | 910,626 | 627,275 | |
Total equity | 934,244 | 910,626 | 627,275 | |
Total liabilities and equity | 1,273,881 | 1,227,777 | 933,165 | |
Non-Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 13,014 | 22,304 | 97,819 | $ 87,151 |
Receivables, net | 13,195 | 28,961 | 17,179 | |
Inventories, net | 24,325 | 24,799 | 21,312 | |
Prepaid expenses and other current assets | 7,313 | 8,058 | 5,313 | |
Intercompany receivable – current | 18,297 | 22,091 | 10,084 | |
Total current assets | 76,144 | 106,213 | 151,707 | |
Other assets | 835 | 826 | 7,850 | |
Goodwill and intangible assets, net | 10,724 | 11,088 | 12,177 | |
Property and equipment, net | 12,194 | 11,414 | 9,686 | |
Investment in subsidiaries | (22,994) | (21,946) | (20,061) | |
Intercompany receivable – noncurrent | 591,105 | 581,624 | 561,419 | |
Total assets | 668,008 | 689,219 | 722,778 | |
Liabilities and Equity | ||||
Borrowings under revolving credit agreement | 0 | 0 | ||
Trade accounts payable | 18,744 | 37,153 | 15,250 | |
Other accrued expenses | 15,282 | 16,919 | 14,790 | |
Intercompany payable – current | 9,545 | 10,255 | 8,612 | |
Total current liabilities | 43,571 | 64,327 | 38,652 | |
Other liabilities | ||||
Other liabilities | 4,026 | 3,999 | 3,651 | |
Intercompany payable – noncurrent | 205,449 | 208,142 | 286,535 | |
Total other liabilities | 209,475 | 212,141 | 290,186 | |
Equity | ||||
Caleres, Inc. shareholders’ equity | 413,616 | 411,382 | 392,842 | |
Noncontrolling interests | 1,346 | 1,369 | 1,098 | |
Total equity | 414,962 | 412,751 | 393,940 | |
Total liabilities and equity | 668,008 | 689,219 | 722,778 | |
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Prepaid expenses and other current assets | (4,628) | (5,863) | ||
Intercompany receivable – current | (19,943) | (23,049) | (10,840) | |
Total current assets | (24,571) | (28,912) | (10,840) | |
Investment in subsidiaries | (1,347,860) | (1,322,008) | (1,020,117) | |
Intercompany receivable – noncurrent | (1,582,528) | (1,517,067) | (1,399,776) | |
Total assets | (2,954,959) | (2,867,987) | (2,430,733) | |
Liabilities and Equity | ||||
Other accrued expenses | (4,628) | (5,863) | ||
Intercompany payable – current | (19,943) | (23,049) | (10,840) | |
Total current liabilities | (24,571) | (28,912) | (10,840) | |
Other liabilities | ||||
Intercompany payable – noncurrent | (1,582,528) | (1,517,067) | (1,399,776) | |
Total other liabilities | (1,582,528) | (1,517,067) | (1,399,776) | |
Equity | ||||
Caleres, Inc. shareholders’ equity | (1,347,860) | (1,322,008) | (1,020,117) | |
Total equity | (1,347,860) | (1,322,008) | (1,020,117) | |
Total liabilities and equity | $ (2,954,959) | $ (2,867,987) | $ (2,430,733) |
Financial Information for the63
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||
Net sales | $ 631,509 | $ 584,733 |
Cost of goods sold | 360,601 | 336,940 |
Gross profit | 270,908 | 247,793 |
Selling and administrative expenses | 244,075 | 219,050 |
Restructuring and other special charges, net | 1,108 | 0 |
Operating earnings (loss) | 25,725 | 28,743 |
Interest expense | (5,044) | (3,610) |
Interest income | 235 | 247 |
Earnings before income taxes | 20,916 | 25,380 |
Income tax provision | (6,032) | (7,502) |
Net earnings | 14,884 | 17,878 |
Less: Net (loss) earnings attributable to noncontrolling interests | (18) | 96 |
Net earnings attributable to Caleres, Inc. | 14,902 | 17,782 |
Comprehensive income | 15,540 | 19,688 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (23) | 110 |
Comprehensive income attributable to Caleres, Inc. | 15,563 | 19,578 |
Parent [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 194,440 | 187,187 |
Cost of goods sold | 132,851 | 129,909 |
Gross profit | 61,589 | 57,278 |
Selling and administrative expenses | 52,424 | 49,542 |
Restructuring and other special charges, net | 1,108 | |
Operating earnings (loss) | 8,057 | 7,736 |
Interest expense | (5,035) | (3,608) |
Interest income | 88 | 157 |
Intercompany interest income (expense) | 2,083 | 2,254 |
Earnings before income taxes | 5,193 | 6,539 |
Income tax provision | (1,087) | (866) |
Equity in earnings (loss) of subsidiaries, net of tax | 10,796 | 12,109 |
Net earnings | 14,902 | 17,782 |
Net earnings attributable to Caleres, Inc. | 14,902 | 17,782 |
Comprehensive income | 15,563 | 19,578 |
Comprehensive income attributable to Caleres, Inc. | 15,563 | 19,578 |
Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 427,539 | 383,046 |
Cost of goods sold | 231,786 | 204,627 |
Gross profit | 195,753 | 178,419 |
Selling and administrative expenses | 182,347 | 157,103 |
Restructuring and other special charges, net | 0 | |
Operating earnings (loss) | 13,406 | 21,316 |
Interest expense | (9) | (2) |
Intercompany interest income (expense) | (2,324) | (2,301) |
Earnings before income taxes | 11,073 | 19,013 |
Income tax provision | (3,875) | (6,304) |
Net earnings | 7,198 | 12,709 |
Net earnings attributable to Caleres, Inc. | 7,198 | 12,709 |
Comprehensive income | 7,198 | 12,709 |
Comprehensive income attributable to Caleres, Inc. | 7,198 | 12,709 |
Non-Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 38,045 | 38,796 |
Cost of goods sold | 18,530 | 22,894 |
Gross profit | 19,515 | 15,902 |
Selling and administrative expenses | 15,253 | 16,211 |
Restructuring and other special charges, net | 0 | |
Operating earnings (loss) | 4,262 | (309) |
Interest income | 147 | 90 |
Intercompany interest income (expense) | 241 | 47 |
Earnings before income taxes | 4,650 | (172) |
Income tax provision | (1,070) | (332) |
Equity in earnings (loss) of subsidiaries, net of tax | (1,048) | (537) |
Net earnings | 2,532 | (1,041) |
Less: Net (loss) earnings attributable to noncontrolling interests | (18) | 96 |
Net earnings attributable to Caleres, Inc. | 2,550 | (1,137) |
Comprehensive income | 2,453 | 228 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (23) | 110 |
Comprehensive income attributable to Caleres, Inc. | 2,476 | 118 |
Consolidation, Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | (28,515) | (24,296) |
Cost of goods sold | (22,566) | (20,490) |
Gross profit | (5,949) | (3,806) |
Selling and administrative expenses | (5,949) | (3,806) |
Restructuring and other special charges, net | 0 | |
Interest expense | 0 | |
Intercompany interest income (expense) | 0 | |
Equity in earnings (loss) of subsidiaries, net of tax | (9,748) | (11,572) |
Net earnings | (9,748) | (11,572) |
Net earnings attributable to Caleres, Inc. | (9,748) | (11,572) |
Comprehensive income | (9,674) | (12,827) |
Comprehensive income attributable to Caleres, Inc. | $ (9,674) | $ (12,827) |
Financial Information for the64
Financial Information for the Company and its Subsidiaries (Schedule of Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 65,384 | $ 65,160 |
Purchases of property and equipment | (10,978) | (16,367) |
Proceeds from disposals of property and equipment | 0 | |
Capitalized software | (1,390) | (1,820) |
Net cash (used for) provided by investing activities | (12,368) | (18,187) |
Borrowings under revolving credit agreement | 195,000 | 103,000 |
Repayments under revolving credit agreement | (220,000) | (103,000) |
Dividends paid | (3,025) | (3,068) |
Acquisition of treasury stock | (5,993) | (12,130) |
Issuance of common stock under share-based plans, net | (2,422) | (4,149) |
Excess tax benefit related to share-based plans | 0 | 3,163 |
Net cash provided by (used for) financing activities | (36,440) | (16,184) |
Effect of exchange rate changes on cash and cash equivalents | (92) | 594 |
Increase (decrease) in cash and cash equivalents | 16,484 | 31,383 |
Cash and cash equivalents at beginning of period | 55,332 | 118,151 |
Cash and cash equivalents at end of period | 71,816 | 149,534 |
Parent [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 8,601 | 14,658 |
Purchases of property and equipment | (1,915) | (590) |
Proceeds from disposals of property and equipment | (17,238) | |
Capitalized software | (1,167) | (1,097) |
Intercompany investing | (2,494) | (2,815) |
Net cash (used for) provided by investing activities | (22,814) | (4,502) |
Borrowings under revolving credit agreement | 195,000 | 103,000 |
Repayments under revolving credit agreement | (220,000) | (103,000) |
Dividends paid | (3,025) | (3,068) |
Acquisition of treasury stock | (5,993) | (12,130) |
Issuance of common stock under share-based plans, net | (2,422) | (4,149) |
Excess tax benefit related to share-based plans | 3,163 | |
Intercompany financing | 69,855 | 22,639 |
Net cash provided by (used for) financing activities | 33,415 | 6,455 |
Increase (decrease) in cash and cash equivalents | 19,202 | 16,611 |
Cash and cash equivalents at beginning of period | 23,999 | 31,000 |
Cash and cash equivalents at end of period | 43,201 | 47,611 |
Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 55,017 | 42,360 |
Purchases of property and equipment | (7,570) | (15,434) |
Proceeds from disposals of property and equipment | 17,238 | |
Capitalized software | (223) | (723) |
Intercompany investing | 2,494 | 2,815 |
Net cash (used for) provided by investing activities | 11,939 | (13,342) |
Intercompany financing | (60,384) | (24,914) |
Net cash provided by (used for) financing activities | (60,384) | (24,914) |
Increase (decrease) in cash and cash equivalents | 6,572 | 4,104 |
Cash and cash equivalents at beginning of period | 9,029 | |
Cash and cash equivalents at end of period | 15,601 | 4,104 |
Non-Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 1,766 | 8,142 |
Purchases of property and equipment | (1,493) | (343) |
Net cash (used for) provided by investing activities | (1,493) | (343) |
Intercompany financing | (9,471) | 2,275 |
Net cash provided by (used for) financing activities | (9,471) | 2,275 |
Effect of exchange rate changes on cash and cash equivalents | (92) | 594 |
Increase (decrease) in cash and cash equivalents | (9,290) | 10,668 |
Cash and cash equivalents at beginning of period | 22,304 | 87,151 |
Cash and cash equivalents at end of period | $ 13,014 | $ 97,819 |